Financial fragmentation is limiting how businesses and consumers manage money across the Middle East and North Africa, while Open Finance and artificial intelligence could help create more connected financial services, according to Faisal Toukan, co-founder and CEO of Ziina.
In an opinion article, Toukan said businesses often receive payments, manage funds, issue invoices and handle accounting through separate systems. This forces owners to reconcile information themselves and can leave lenders with only a partial view of a company’s financial health.
Open Finance could address that gap by allowing customers to securely share data across banks, payment providers, lenders, accounting platforms and investment services. Unlike Open Banking, it extends beyond bank account data to a wider range of financial products.
Toukan pointed to the UAE’s Open Finance framework, which includes shared infrastructure for data sharing and transaction initiation through an API Hub and Trust Framework. He also highlighted Brazil, where the central bank reported R$31 billion in credit operations linked to Open Finance data between its 2021 rollout and June 30, 2025.
AI could add an intelligence layer to these connected systems. Financial agents may eventually identify cash flow gaps, assess options and take approved actions for businesses or consumers. Toukan said questions around consent, liability, transparency and human oversight will be central to building trust in such systems.
Source: Wamda
