Rise of Open Banking: Opportunity or Threat?

Keen to enable the new fintech and support the open banking to help bring about innovative business models in the field of financial services, the Central Bank of Kuwait (CBK) has given the green light to test a first-of-its kind product by launching thereof in the local market within the Regulatory Sandbox and applying the same to banking transactions of volunteer customers to fully assess and evaluate the product before the final launch in the market.

The product operates within an open banking model and provides the users with analytical services for transactions processed on their bank accounts with different banks, along with e-payment services. With this the concept of open banking and its plethora of applications have once again come to the lime light. Dive into this post and see what it is and what it offers.

Post Credits – Chandrahaas Madduri and Disha P.

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