Dubai - Ozone API, developer of the leading standards-based software for open finance, has expanded its international team with a focus on the MENA region, aiming to provide financial institutions, central banks and regulators with the technology and expertise to build a thriving ecosystem.
The pioneering founders of Ozone API led the development of the world’s first Open Banking Standard, which became a blueprint that provided the foundation for ecosystems across the world. The Ozone API software is also powering open banking and open finance for 60 banks and financial institutions, with 7 hubs now deployed in key regions around the world.
Nihal Abughattas joins as General Manager for MENA. She will be responsible for shaping corporate and go-to-market strategy for Ozone API in the region, driving business growth and building strategic partnerships. Nihal is also a Founding Board Member of MENA Fintech Association and has extensive experience with the financial services ecosystem in the region.
MENA expansion
Ozone API’s mission has always been to accelerate open banking and open finance. The MENA region already has a vibrant open finance landscape and that is set to continue to develop across more markets in the region and ultimately beyond open finance. For a period of time, it has been a key focus due to the readiness of both regulators and financial institutions and Ozone API is excited to further build their strength in the region.
Ozone API is now working to support banks and regulators with their open banking agendas. Bringing the expertise and proven technology that takes away the significant complexity of developing and implementing standards, ensuring compliance and providing the foundation for banks and the countries’ financial services ecosystems to thrive and deliver new banking business models.
It will focus on working closely with strategic partners to provide global expertise, a scalable platform and the operational support needed to grow the adoption of open banking and open finance in MENA.
Nihal said: “I am equally interested in and excited about the new opportunities created by open finance - the new business models, the evolving role of various participants and the added value it brings to customers, new entrants and incumbents. There is no better time to get involved, particularly by being part of the team at Ozone API, which continues to help shape the future of financial services across the world.”
Nameeer Khan, Chairman of MENA Fintech Association said:
"The MENA region's fintech industry has seen tremendous growth and development over the past few years, and we at the MENA Fintech Association are proud to be at the forefront of this progress.
Our Open Finance Working Group comprises of leading players in the open finance space, setting the standards for excellence and innovation in this field. The entry of international entrants like Ozone API is a testament to the vast opportunities available in this region, and we are excited to have them join our efforts to drive progress and growth in the MENA fintech industry”
Huw Davies, Co-founder and Chief Commercial Officer at Ozone API comments:
“The MENA region has always shown huge ambition and is challenging and transforming traditional views of what is possible. This is no different from the open finance initiatives that are emerging in the region. As such a key and important region for our business, we’re thrilled to have Nihal join us and lead our efforts and feel privileged to work with the team at the MENA Fintech Association as they shape the innovation landscape.
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