Views /Opinion

How open banking can shape Qatar’s financial future

The way people manage their money is changing.

10 years ago very few of us had a banking app on our phones.

Now they are everywhere. And, similarly, open banking has revolutionised financial services by enabling individuals to access and control all their finances online and via apps.

This makes day to day living more personalised, more practical and seamless.

In the UK, during my time as the Minister for Pensions and Financial Inclusion, I saw the change first hand. 

Today, in various markets, such as the UK and Hong Kong amongst others, this transformation has extended well beyond ‘pure’ banking and into different areas, such as day to day savings and pensions, or retirement savings.

Qatar is well known across the world as an innovator. 

As a country it now has an opportunity to bring change to the region, with integrating banking, wealth management, and retirement planning into a single, connected ecosystem.

Nowadays, people are more likely to use a range of providers to serve their financial needs.

They have become accustomed to using a combination of banking apps, digital wallets, and fintech platforms to handle everyday transactions, manage savings, and access credit.

This form of open banking has been made possible by allowing different financial services to communicate via secure APIs, ensuring consumers can move their money effortlessly between accounts, compare financial products, and receive tailored financial insights.

The same logic is being applied to retirement savings.

Just as consumers check their bank balances or investment portfolios through an app, they now expect to be able to manage their retirement savings with the same level of convenience and transparency. 

In the UK, open finance has already enabled savers to consolidate multiple pension pots, track contributions in real-time, and access digital tools to plan for their future.

Similarly, in Hong Kong, regulators supported the integration of pensions within the broader open banking framework, ensuring that long-term savings are not left behind in the digital transition. 

The UAE has also embraced this shift, with digital platforms now allowing employees to track their gratuity and end-of-service benefits, making retirement planning more accessible.

Qatar has the opportunity to take this a step further by embedding retirement savings into its broader open banking strategy, ensuring individuals have full visibility over their long-term financial wellbeing.

Beyond consumer convenience, open banking presents major opportunities for Qatar’s financial sector and wider economy.

Banks and fintech firms will be able to develop new revenue streams by offering embedded financial services, streamlining payments, and expanding investment opportunities.

By enabling businesses to access real-time financial data, open banking can also improve liquidity management and credit allocation, supporting small and medium-sized enterprises - the backbone of any growing economy.

Anytime a country develops a more dynamic financial ecosystem it attracts greater international investment: this can only strengthen Qatar’s position as a regional financial hub.

This transition to open finance must of course be carefully managed to balance innovation with security and regulatory oversight.

Trust is fundamental to adoption, and by implementing clear regulatory guidelines, Qatar can encourage participation while safeguarding consumers.

The financial ecosystem is evolving, and Qatar has the chance to create a future where banking, wealth management, and retirement savings are seamlessly connected. 

By embracing open banking principles and extending these further to long-term financial planning, it can ensure that consumers are not only managing their daily finances more efficiently but are also securing their financial future with the same ease and accessibility.

I look forward to discussing all this and more when I am at next Tuesday’s DigiBank Summit in Doha.