Latest news with #openBanking
Arabian Business
22-05-2025
- Business
- Arabian Business
'It's not rocket science': Mahmoud Abuebeid on fixing cross-border payments
Mahmoud Abuebeid didn't come from fintech. He wasn't coding in his teens, or raising seed rounds in his twenties. He was in construction – until 2020, when the world stopped, and he started again. 'I had a lot of time to explore another opportunities in terms of improving my knowledge. I had a Harvard course… Harvard Business School was one of the key factors to change my mindset.' That mindset shift – shaped by case studies from Citibank and JPMorgan – planted the seed for a new path: financial technology built to serve, not just scale. Today, Abuebeid is CEO and co-founder of GSS Group, an Emirati software company building payment systems and open banking solutions for financial institutions across the UAE. His company is now a critical partner in the country's National Payment Systems Strategy (NPSS), with technology embedded across the real-time payments infrastructure. UAE fintech sector to hit $6.43bn by 2030 A future built on interoperability When the Central Bank of the UAE launched its Financial Infrastructure Transformation (FIT) programme in 2021, GSS was ready. 'We basically had a robust solution, and it was very good for the banks,' says Abuebeid. 'But the challenges were that some of the systems were legacy systems, and our solution were up to date. We had to integrate… in a kind of challenging way.' That friction – between legacy institutions and next-gen systems – is where GSS thrives. And it's where Abuebeid sees the greatest opportunity. 'Some people were really looking forward to digitalise and improve their system,' he adds. 'As of such, there is nothing more that would be a challenge.' Financial inclusion as a right, not a feature Abuebeid speaks with conviction about the potential for fintech to serve underserved communities. 'To serve the blue collar workers, I believe it's their right as a human, to have an access to different ways of finance,' he says. 'Where they can have a loan as low as probably $2,000… where they can send their money to their back home in a faster way with almost zero fees… where they can probably buy something on an instalment.' He's equally focused on SMEs. 'They don't have enough access to the financial products in the bank… whether it's facilities, supply chain, finance and others.' This belief system feeds directly into his view of open finance and cross-border payments: 'Cross-border payments is very important for the people. We are in the UAE, we have more than 200 nationalities… it's not rocket science.' Leadership is impact For Abuebeid, leadership is about outcomes. 'Strategic leadership is basically when you do a difference for the others, and you make life easier for the others.' But it's also about continuity. 'When you teach and you have different seminars… two might start their own company… This is, by itself, the true success.' This principle – of building something that outlives the individual – underpins his commitment to knowledge-sharing and mentorship across the fintech sector. What comes next Looking ahead, Abuebeid sees consent-driven data access – particularly through AI-powered KYC – as the next frontier. 'It is very important where everyone will have an access, or the entities can have an access to your data with your consent.' He credits the UAE Central Bank for creating the space for innovation. 'The Central Bank of the UAE has transformed a lot in the last five years… They invited different fintechs to the country where they can have their own financial license.' His prediction is bold – but measured. 'I believe a lot of fintechs will come to the UAE… it will lower the interest rate eventually, because you have different products, you have different options… I believe the UAE will be one of the top countries in terms of financial hubs in the next three or four years. Now we are the leaders in AI. Abu Dhabi is investing heavily in AI, and it's going to be called the capital of AI.' The human infrastructure of fintech Abuebeid's story is not a narrative of disruption. It's one of reconstruction. He isn't just inserting software into legacy systems – he's inserting purpose into financial technology. In a region redefining what modern finance should look like, Mahmoud Abuebeid is proving that progress doesn't start with code. It starts with conviction – and a willingness to build something that works better for everyone.
Finextra
12-05-2025
- Business
- Finextra
Adyen taps Fiskil for onboarding and account verification in Australia
Adyen, the global financial technology platform of choice for leading businesses, has chosen Fiskil as its data-sharing partner to improve the onboarding and account verification experience for merchants in the Australian market. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. This collaboration will streamline the way businesses connect their financial data, reducing friction and ensuring a seamless, secure process. With Fiskil's Banking API, Adyen can provide merchants with a faster and more efficient onboarding process, eliminating unnecessary delays and enhancing customer experience. By leveraging real-time financial data, Adyen ensures that businesses can onboard with confidence, benefiting from a frictionless experience that prioritises both security and convenience. As a pioneer in global payments, Adyen powers transactions for some of the world's most recognised brands, including Spotify, eBay, and Uber. Their commitment to innovation and financial inclusion aligns with Fiskil's mission to provide best-in-class data-sharing solutions that enable businesses to operate with greater agility and trust. This partnership marks the beginning of a broader opportunity to harness open banking for even more use cases beyond onboarding and verification. By leveraging Fiskil's infrastructure, Adyen can explore expanded applications such as credit risk assessment and transaction intelligence, paving the way for more sophisticated financial products and services. We're excited to support Adyen as they continue to push the boundaries of financial technology, empowering businesses with more seamless and secure access to financial data. The future of financial services is evolving, and together, we're making it smarter and more efficient. Open banking is transforming the way businesses access and leverage financial data, enabling smarter, more efficient decision-making. Partnering with Fiskil allows us to expand our open banking capabilities in Australia, delivering seamless and scalable solutions for account verification, onboarding, and beyond. Their expertise in secure data connectivity ensures that we can continue to innovate while maintaining the highest standards of compliance and user experience. As we grow our global reach, this collaboration is key to unlocking new opportunities for merchants and businesses alike. - Blanca Ferrero, Global head of Open Banking, Adyen Adyen's decision to partner with Fiskil is a strong validation of the infrastructure we've built to support secure, real-time access to financial data at scale. Their global reputation for innovation and operational excellence sets a high bar, and we're proud to help enable their open banking strategy in Australia. This collaboration reflects the broader shift we're seeing in the market - where access to high-quality, consented data is becoming essential to delivering seamless, intelligent customer experiences. We're excited to support Adyen as they lead the way in reimagining onboarding, verification, and beyond. - Jacob Parker, CEO & Founder, Fiskil
