Open Banking Integrations in the GCC Countries

The banking landscape in the Gulf is undergoing a fintech-powered revolution. From Riyadh to Dubai, banks and startups are joining forces through open banking – securely sharing data and services via APIs – to deliver new financial products. This article explores how open banking integrations are taking root across the GCC (Gulf Cooperation Council) countries in a lively yet insightful journey. We’ll see why open banking in Saudi Arabia (KSA) and API banking in the UAE are hot topics, how pioneers like Tarabut Gateway and Lean Technologies are leading the charge, and what it all means for fintech integration in the GCC. Let’s dive in!

What Is Open Banking and Why Does It Matter?

Open banking allows banks to open up their data and services to third-party fintech apps through secure application programming interfaces (APIs). With customer consent, a fintech app can fetch your account information from your bank or even initiate payments on your behalf – all through direct API calls rather than screen-scraping or other workarounds. In plain terms, banks and fintechs start speaking the same digital language, making integration much easier.

Why is this a big deal? For consumers, it means innovative services that aggregate accounts, personalize advice, and simplify payments. Imagine seeing all your bank accounts in one mobile app, or getting tailored loan offers based on your actual transaction history – open banking makes it possible. For banks, it’s a chance to collaborate instead of compete, reaching customers through new fintech partnerships. And for regulators, open banking promises greater competition and financial inclusion. No wonder countries around the world (from the UK’s famous Open Banking initiative to the EU’s PSD2 rules) have embraced it. Now, the GCC is catching up and even aiming to leap ahead.

Bahrain: The Gulf’s Open Banking Pioneer

Bahrain was the GCC’s first mover on open banking. In 2019, the Central Bank of Bahrain (CBB) mandated bank APIs; by 2021, banks were declared “open banking ready.” That early push created a safe sandbox: the CBB licensed account aggregation and payment initiation providers, proving secure third-party access could work – and benefit customers.

A standout case is Tarabut Gateway. Founded in 2017, it started in Bahrain and expanded across the Middle East, connecting with 30+ banks. Tarabut supplies the API rails so fintech apps can integrate once and serve many banks, drawing talent and investment to Bahrain. The lesson for the region: early, clear rules can spark a durable open banking GCC ecosystem.

Saudi Arabia: Rapid Open Banking Adoption in KSA

Saudi Arabia was next – and it’s moving fast. SAMA issued its Open Banking Framework in late 2022 with hard deadlines: account information APIs by end-2022 and payment initiation by March 2023. Banks had to open up quickly, not someday.

Momentum followed. By late 2022, 15 fintechs—including Lean Technologies and Tarabut Gateway – held SAMA licenses. An Open Banking Lab lets banks and fintechs test integrations safely, and all major banks are now adapting systems.

Real impact is visible. Riyad Bank and Lean launched a digital SME lending flow. It pulls verified account data via APIs and automates decisions in minutes. Saudi’s model is speedy yet careful: competition rises, security stays central. It’s a game-changing step toward an API-first, data-driven open banking ecosystem in the GCC.

United Arab Emirates: Embracing API Banking and Open Finance

The UAE took a different path. It didn’t mandate open banking as early as Bahrain or Saudi, but it quietly built the rails. A national Instant Payments Platform launched in 2023, and regulators are shaping an open finance framework that goes beyond banking into insurance and pensions – aligned with the country’s digital economy goals. Licenses are now in sight, and competition among fintechs is heating up.

Banks didn’t wait for the rulebook. Emirates NBD pioneered developer portals and open APIs; Mashreq partnered with fintechs to create a digital marketplace. These moves show a market-led approach where collaboration delivers usable APIs before mandates arrive.

Fintech platforms followed. Tarabut Gateway expanded into the UAE and secured an initial open banking license in the DIFC, enabling one integration to multiple banks. With the Central Bank of the UAE expected to formalize rules soon, expect a rapid burst of API-driven services—from multi-bank apps to new payment flows – positioning the Emirates as a leading open banking hub.

The Next Wave: Oman, Qatar, and Kuwait

What about the rest of the GCC? Oman, Qatar, and Kuwait might not grab headlines yet, but they are laying the foundation for open banking as well. All three have observed the successes of their neighbors and started drafting their own frameworks. Here’s a quick look at each:

• Oman: The Central Bank of Oman is formulating an open banking framework, recognizing its transformative potential for the financial sector. Oman has been piloting a real-time payments infrastructure and modernizing its banking tech – approving regulatory framework for open banking as of 2025. This will likely open doors for fintech integrations in Omani banks, a relatively new concept there.
• Qatar: Qatar is in the early stages but moving steadily. The Qatar Central Bank’s Fintech Strategy 2023 highlighted developing an open banking framework to drive digital transformation. In practice, Qatar has focused first on infrastructure – it launched an instant payments system called FAWRAN in 2023, which is a big step toward enabling open banking transactions. Notably, Qatar National Bank even launched an open banking platform for developers in 2022, signaling that the industry isn’t waiting around.
• Kuwait: The Central Bank of Kuwait has been supporting fintech innovation through sandbox programs and is expected to launch an open banking framework. Like its peers, Kuwait is also upgrading its payments rails and data security rules in preparation. The aim is to lay the foundations for secure third-party data access to bank systems.

To summarize the regional status at a glance, here’s a snapshot of open banking progress in GCC countries:

Every GCC country is now on the path toward open banking in some form. While timelines differ, the momentum is clearly regional. In fact, experts predict that as these frameworks mature, we’ll see cross-border connectivity growing – think open banking across GCC borders, not just within each country. For example, a fintech app based in Dubai might seamlessly access a user’s bank data in Saudi Arabia and Bahrain, creating a unified Gulf fintech market. Such integration would be a win-win: consumers and businesses get more choice, and banks get access to a larger pool of customers through fintech partnerships.

Tarabut Gateway and Lean Technologies: Powering Fintech Integration

No discussion of open banking in the Middle East is complete without highlighting Tarabut Gateway and Lean Technologies – two startups at the forefront of open banking integration in the GCC. These companies act as bridges between traditional banks and new fintech apps, making the technical integration fast and easy.

• Tarabut Gateway: Founded in Bahrain – is the region’s largest regulated open banking platform. It offers one API for fintechs to connect to multiple banks across Bahrain, KSA, the UAE, and beyond, avoiding one-off integrations. Tarabut holds licenses from the CBB, SAMA, and the DIFC, and partners with 30+ banks. Fintech apps use Tarabut to let users link accounts, aggregate data, and enable services like payment initiation and BaaS – riding the rapid GCC adoption of open banking.
• Lean Technologies: Made in Saudi Arabia, it provides an open banking API platform and was among the first to secure SAMA’s license, enabling bank data connections for third parties. Its APIs power account verification, cash-flow analysis, and instant SME lending decisions (e.g., with Riyad Bank). Lean has expanded to the UAE and Bahrain, positioning as a pan-GCC player that links banks, fintechs, and merchants for permissioned, consent-based data sharing via APIs.

Tarabut and Lean exemplify the GCC’s new fintech integration layer. While big banks build APIs, these aggregators speed adoption with a one-stop connectivity model – especially for smaller banks. For startups, one agreement and one build can reach many banks across countries. This “provide one, connect to all” approach accelerates launches and delivers user wins like unified account views, instant multi-account credit insights, and seamless bank-to-bank transfers.

New Services and Benefits Fueled by Open Banking

What tangible benefits are GCC consumers and businesses seeing from open banking integrations? The impact is growing each day, but let’s highlight a few:

• Personal Finance Management (PFM) Apps: Open banking is powering a new wave of PFM tools across the GCC. Users can link accounts from multiple banks to see balances, cards, and savings in one real-time dashboard. In Saudi Arabia, early use cases include account aggregation and income verification for faster loan applications, with licensed fintechs like Malaa delivering budget insights from transactions across accounts.
• Faster and Smarter Lending: With open banking, lenders assess credit using real transaction patterns (with consent), not just a score. APIs replace bank-statement uploads in seconds, cutting paperwork and wait times. Bahrain already reports better scoring accuracy and smoother lending. SMEs get quicker decisions; consumers get tailored offers – for example, pre-approved loans based on verified salary inflows and on-time payments.
• Payments and Money Transfer Innovations: Open banking is reshaping GCC payments with account-to-account (A2A) rails as a card alternative. In Saudi Arabia, payment initiation is built into the framework and adoption is rising: fintech apps can trigger direct bank-to-merchant payments, cutting fees and friction. Merchants see instant, confirmed funds; consumers pay bills or invoices from any app in a few taps. Cross-border remittances within the GCC can also get faster and cheaper as banks interconnect via APIs. At the same time, Apple Pay, Google Pay, and Alipay plug into increasingly open systems, expanding checkout choice alongside open banking rails.
• New Revenue Streams for Banks: GCC banks aren’t bystanders in open banking. They’re monetizing APIs and data (within rules) via premium endpoints, Banking-as-a-Service (BaaS) deals, and product marketplaces. Emirates NBD’s developer portal turns the bank into a platform for partners; in Saudi, Banque Saudi Fransi offers BaaS APIs so third parties can embed its services. These models bring API fees and shared upside on referred business – and spark new customer experiences—so long as banks manage risk and governance tightly.

The Importance of Trust and Security

Regulators hardwire security, privacy, and consent into the rules: third-party fintechs must secure explicit permission, pass strict audits, and follow tight API and data-protection standards. Strong identity verification GCC measures and API security are built in from day one, learning from Europe so only regulated, verified apps touch bank data – and customers control what’s shared.

The region also starts from a high-trust base. Surveys place Saudi Arabia, Qatar, and the UAE among the most trusted financial sectors worldwide. Banks carry that trust into digital channels, while providers like Tarabut and Lean invest in encryption, secure onboarding, and clear consent flows – reinforcing the message: your data is yours.

Next comes shared trust infrastructure. Expect unified trust frameworks and, potentially, a GCC-wide open banking directory – akin to the UK’s registry – to authenticate participants and enforce rules behind the scenes. The result: secure, compliant open banking that users can rely on, without added friction.

Conclusion

Open banking integrations in the GCC are reshaping finance. Bahrain led the way, and momentum now spans Saudi Arabia, the UAE, Oman, Qatar, and Kuwait. Banks are opening APIs, fintechs are building on top, and customers get smarter, faster services. This shift aligns with national agendas for diversification and a digital economy. Regulators view open banking as a lever for innovation, access, and competition – so banks that adapt gain share, while holdouts face thinner margins.

The path points to open finance: API-first, consent-based, and data-driven. Expect secure data flows across accounts, insurance, and investments – plus tighter links with digital onboarding UAE, eKYC Saudi Arabia, Islamic banking software, and identity verification GCC. Fintechs reach millions without legacy friction. Banks extend distribution through partners and speed product iteration. SMEs and consumers win with more choice and better pricing.

Ready to capture that upside? Let’s scope your open banking roadmap – use cases, data access, and compliance – so you can ship value fast and stay ahead in the GCC market.

By adminko