Qatar National Bank launches open banking platform for fintechs
Qatar National Bank (QNB) has broadened access to its open banking platform, opening it up to the bank’s customers, partners and the country’s fintechs.
The move, which makes QNB the first bank in Qatar to launch open banking services, will see customers, fintechs and third-party providers gain access to QNB’s core financial services, securely share customer data and facilitate payments between organisations.
QNB’s general manager, group corporate and institutional banking, Khalid Ahmed Al-Sada says: “We strongly believe that with the arrival of open banking a new digital collaborative financial ecosystem started to emerge globally, where banks together with their new partners can unlock further synergies and drive innovation faster.
“The ultimate goal of open banking is to increase efficiency, enrich functionality and put user experience to the next level.”
QNB, which is the largest financial institution in the Middle East and Africa, says its enhanced Application Programming Interface (API) infrastructure will allow the bank to cater to changing consumer demand.
“Lifestyle habits of Generation Z require organisations to provide seamless customer experience in each interaction,” the bank says.
QNB says its open banking APIs could transform the fintech landscape in Qatar and help launch “innovative futuristic solutions” for nationals, residents and visitors to the country.
The expansion of QNB’s open banking platform builds on earlier work with multinational telecoms firm Ooredoo which saw wallets operated by Ooredoo have access to banking facilities such as virtual IBAN, virtual MasterCard, payroll solution and remittances.
QNB general manager of group retail banking Adel Al-Malki says that partnership was the “first of its kind” in the region.
“Our partnership with Ooredoo on the Ooredoo Money is a classic example of both open banking and a fintech partnership in providing financial services for the masses.”
Al-Malki adds: “The success of future banks relies on their use of data and technology; banks blending these two elements to provide lifestyle benefits in a competitive offering will lead the industry.”