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 organizations. The 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.
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. 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.