JPMorgan Chase’s recent move to start charging aggregators for access to customer bank data is a moment of reckoning for the global fintech community. For years, startups and digital platforms operated on the assumption that data flows between banks and apps would remain cheap or free. That assumption no longer holds. 

The decision is expected to push up data access costs dramatically – by some estimates, over 1,000% for certain players. It represents a strategic shift by one of the world’s largest financial institutions to reassert control over a key asset: customer data.

This development is forcing fintechs to take a harder look at their operating models. The era of building products on freely available financial data is giving way to a new reality – one where access must be paid for, protected, and better aligned with long-term economics.

Data Aggregation No Longer Comes Free

Data aggregators have long served as quiet enablers of the fintech boom – connecting traditional banks with apps and platforms focused on payments, budgeting, investing, crypto, and more. Much of that connectivity came at minimal cost.

With JPMorgan changing the terms, a core pillar of that model is under pressure. When the cost of accessing data outweighs the revenue from a transaction or user, the business case collapses. Banks, globally, are signaling a new stance: customer data is valuable and monetizable. Fintechs, particularly those built on thin margins or transaction-based revenues, will need to adapt fast.

Early Momentum and Real Opportunity for Open Banking in the GCC 

In the GCC, data access follows a different trajectory. Open Banking frameworks are starting to gain traction across key markets like the UAE, Saudi Arabia and Bahrain. Regulation is evolving, APIs are being launched, and infrastructure is being tested.

But the reality on the ground is still at an early stage compared to Europe, India and South East Asia. Connectivity varies from bank to bank. Aggregators still play a critical role. And while the promise of Open Banking is compelling – more transparency, user control, and innovation – the practical rollout is still in progress.

For fintechs operating in the region, this means building with a dual mindset: one eye on the evolving regulatory frameworks, and another on how to create consistent, secure access across banks today.

Beyond Data Access

At Sav, we recognise the importance of secure, compliant data aggregation – but we don’t stop there. Our strength lies in what we do once data is available.

We’ve built Sav on a licensed, integrated financial stack across cards, budgeting, investments, payments, and (soon) credit. This foundation allows us to offer users a seamless experience across all areas of personal finance, with data working in service of insight, automation, and action.

Here’s what that means in practice:

• Unified Financial Control
  With data aggregated through compliant channels, we connect every financial layer – from daily spending to long-term investing – into one platform. This enables better decision-making and helps users move from insight to action instantly.
  
  
• Regulatory Strength
  Our licensing across key financial services in the UAE ensures we operate with transparency, oversight, and trust. As regulation around data evolves, we’re already positioned to comply – and lead.
  
  
• Built for Scale and Sustainability
  Unlike models that relied on free data to scale quickly, Sav is designed to operate in a world where access comes at a cost. Our value comes from what we do with data – not simply having it.
  
  
• Enabling Open Banking, Not Waiting for It
  As Open Banking progresses across the GCC, we’re not on the sidelines. We’re integrating with emerging APIs, working closely with aggregators, and building infrastructure that supports both today’s needs and tomorrow’s possibilities.
  

Looking Ahead

As global fintech recalibrates, the winners will be those who have built on solid foundations. Access to data is no longer enough. What matters now is having the structure – regulatory, technical, and operational – to turn that access into meaningful, secure value for users.

For the GCC, the path ahead is full of potential. As Open Banking matures and consumer expectations rise, platforms that offer both control and compliance will define the next chapter of financial innovation.

We’re building for that future – one where money moves smarter, with more intelligence, security, and user ownership than ever before.