Issue

Vol. 3 No. 2 (2023)

Conference: Legal Aspects of Digital Transformation 2023

The Adoption of Open Banking Concept to Regulate Arab Countries Digital Payment

https://doi.org/10.54873/jolets.v3i2.146
Dr. Sherif Mohsen Abdelfattah Shaltout
General Manager, Audit, Banque Du Caire.

Corresponding Author(s) : Dr. Sherif Mohsen Abdelfattah Shaltout

sshltoot@nu.edu.eg

Journal of Law and Emerging Technologies, Vol. 3 No. 2 (2023)

Abstract

The emergence of fintech has disrupted the traditional banking landscape, challenging the notion that banks are the sole providers of financial services. In the past, entrepreneurs were often seen as disruptors to traditional banking models. However, banks have now recognized the value of collaborating with fintech companies to expand the range and accessibility of financial products and services for customers. The payment industry has become a focal point for banks and fintech startups, with the proliferation of new payment options, such as mobile payments.


 


By leveraging fintech advancements, banks can offer diverse payment solutions to customers without having to develop them in-house. This study examines the current regulatory landscape of payment systems, identifies existing payment governance practices, and proposes recommendations to enhance the digital payment environment in Arab countries while addressing significant regulatory concerns.


 


Understanding the evolving relationship between banks and fintech firms, as well as the regulatory considerations surrounding digital payments, is crucial for industry participants, policymakers, and regulators. By exploring these topics, this study aims to provide valuable insights and guidance for navigating the changing payment landscape effectively and fostering a robust digital payment ecosystem in Arab countries.


 


Through this examination, the study intends to contribute valuable guidance for Arab countries in developing a robust and regulated digital payment ecosystem, fostering financial inclusion, and promoting innovation in the region.

Keywords

Payment Services Directive Ver.2 Open banking Service Level Agreement Operational Level Agreement Underpinning Contract payment Service Operator توجيه خدمات الدفع الإصدار الانفتاح المصرفي اتفاقية مستوى الخدمة اتفاقية المستوى التشغيلي العقد الأساسي مشغل خدمة الدفع
Sherif Mohsen Abdelfattah Shaltout, . (2023). The Adoption of Open Banking Concept to Regulate Arab Countries Digital Payment. Journal of Law and Emerging Technologies, 3(2), 47–98. https://doi.org/10.54873/jolets.v3i2.146
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