Support and empowerment
This step comes as part of SAMA’s efforts to support and empower the financial sector to raise the level of efficiency and flexibility of transactions, and to encourage innovation in financial services provided in a safe and reliable manner, with the aim of enhancing the level of financial inclusion and access to financial services for all segments of society.
Open banking represents an innovative concept in the financial sector; it aims to enable customers to share their financial data securely with an entity regulated by the central bank to obtain new and innovative financial services and products.
Global Center
Open banking contributes to creating a positive impact on the sector by strengthening partnerships between banks and financial technology companies, in addition to improving the sector’s infrastructure and enabling better use of customers’ financial data, within a secure regulatory framework that protects that data and privacy and enhances confidence in sharing it with the customer’s consent with entities subject to the supervision of the central bank and committed to the open banking framework.
It is worth noting that the Open Banking program is one of the initiatives of the National Financial Technology Strategy stemming from the Kingdom’s Vision 2030.
The strategy aims for the Kingdom to be a home and global hub for financial technology, with innovation in technology-based financial services as the foundation, thereby enhancing the economic empowerment of the individual and society.
The Saudi Central Bank “SAMA” has begun licensing financial technology companies to provide open banking services; This comes after they have completed the requirements and procedures of the Central Bank's regulatory sandbox.
Support and Empowerment
This step is part of SAMA's efforts to support and empower the financial sector to enhance the effectiveness and flexibility of transactions, and to encourage innovation in the financial services provided in a safe and reliable manner; With the aim of promoting financial inclusion and ensuring access to financial services for all segments of society.
Open banking represents an innovative concept in the financial sector; It aims to enable customers to securely share their financial data with entities supervised by the Central Bank to obtain new and innovative financial services and products.
A Global Hub
Open banking contributes to creating a positive impact in the sector by enhancing the partnership between banks and financial technology companies, in addition to improving the sector's infrastructure, and enabling better use of customers' financial data, within a secure regulatory framework that protects that data and privacy and enhances trust in sharing it with the consent of the customer with entities supervised by the Central Bank and committed to the open banking framework.
It is worth mentioning that the open banking program is part of the initiatives of the national strategy for financial technology stemming from the Kingdom’s Vision 2030.
The strategy aims for the Kingdom to be a home and global hub for financial technology, with innovation in technology-driven financial services being the foundation, thereby enhancing the economic empowerment of individuals and communities.
