The Saudi Central Bank (SAMA) has announced the launch of licensing for fintech companies to offer open banking services, following the successful completion of the regulatory sandbox phase under its supervision.

This move reflects SAMA’s ongoing efforts to support the financial sector, improve the efficiency and flexibility of financial transactions, and encourage innovation in financial services.

It also aims to advance financial inclusion and broaden access to financial services across all segments of society.

Open banking is an emerging concept in the financial sector that allows customers to securely share their financial data with SAMA-regulated entities offering new and innovative financial products and services.

The framework fosters collaboration between banks and fintech firms, strengthens sector infrastructure, and promotes more effective use of customer financial information.

All activities take place within a secure regulatory environment that safeguards privacy and ensures customer consent, building trust in data sharing.

The Open Banking Programme forms part of the National Fintech Strategy, a key element of Saudi Vision 2030.

The strategy seeks to establish the Kingdom as a global fintech hub, leveraging technology-driven financial innovation to enhance economic empowerment for both individuals and society.

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