UK Open Banking Excellence partners with the Central Bank of Armenia to advance open banking standards and Armenia’s FinTech ecosystem.
The British Embassy in Yerevan facilitated a groundbreaking partnership between UK Open Banking Excellence (OBE) and the Central Bank of Armenia (CBA). This collaboration began with a high-level delegation from OBE, led by founding CEO Helen Child, who visited Armenia. During their visit, they conducted specialized workshops on May 23 and 24. These workshops aimed to educate CBA staff about open banking standards and received full funding from the Central Bank. As a result, this initiative lays the groundwork for a long-term project to design and implement an open banking system in Armenia, guided by OBE’s expertise.
Open Banking: Engaging Armenia’s FinTech Ecosystem
OBE delegates have played critical roles in shaping open banking and open finance standards in the UK, Brazil, and Saudi Arabia. Therefore, their involvement will help Armenia gain valuable insights into regulatory guidance and fintech ecosystem development.
On the first day, the workshop evolved into a larger conference that engaged around 100 stakeholders from Armenia’s FinTech ecosystem. Participants included representatives from fintech companies, the Ministry of High-Tech Industry, commercial banks, credit organizations, the stock exchange, and trade bodies. This collaborative approach ensured that everyone’s voice was heard and aligned with the vision of open banking and open finance. Paul Morris, Deputy Head of Mission, and Martin Galstyan, Chairman of the Central Bank of Armenia, officially opened the event.
Following the conference, attendees enjoyed a reception encouraging further discussions and networking. This gathering was funded by the Department for Business and Trade’s (DBT) marketing and communications budget, ensuring a successful conclusion to the event.
In conclusion, this partnership marks a significant milestone in Armenia’s journey toward open banking. It positions the country as a potential fintech leader in the region. As stakeholders adopt and develop open banking standards, the ecosystem will gain increased transparency, innovation, and collaboration. Ultimately, this evolution benefits both financial institutions and consumers.
