Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa, has launched Open Banking platform for a wider audience including its customers, partners and emerging FinTechs in Qatar.
QNB is the first bank in Qatar for launching Open Banking services. With this enhanced API infrastructure, the bank will provide a unique banking experience to its customers allowing them to access its core banking systems securely.
Open Banking seeks to integrate the bank’s core financial services with its partners in a secure manner, to share customer data and facilitate payments between organizations. The emerging customer demand, driven by Gen Z’s lifestyle preferences, requires organizations to provide a seamless customer experience in each interaction.
“QNB has been exploring the space of Open Banking since much earlier, our partnership with Ooredoo on the Ooredoo Money is a classic example of both open banking and FinTech partnership in providing financial services for the masses. We implemented this almost 10 years ago and it has now become a case study where wallets operated by a telecom has access to multiple banking facilities like virtual IBAN, Virtual MasterCard, Payroll Solution, Local and International Remittances and other services. It is important to note that these products offered by QNB and Ooredoo are first of their kind in the region, and at times in the world.”
According to QNB, Enabling these Open Banking APIs would transform the FinTech landscape in Qatar and help launch innovative futuristic solutions for nationals, residents and visitors to the country.