Saudi Central Bank (SAMA) launches its Open Banking initiative to support innovation in the Kingdom’s financial sector
SAMA announces the issuance of the Open Banking Framework, establishing legislation, regulatory guidelines and technical standards for the Kingdom’s open banking programme. It will let customers share their data with third parties, strengthen partnerships between banks and fintechs, and improve financial infrastructure.
The programme is part of a broader fintech strategy called Saudi Vision 2030. It represents the Kingdom’s strive to become a global financial technology hub. The initiative’s priorities include developing a digital economy and enabling financial intermediaries to support private sector growth through open financing services.
Open banking in the country will initially focus on account information services. Payment initiation services are next in line. SAMA is currently tracking banks and fintechs to ensure they are ready to launch open banking services in the first quarter of next year.