Saudi Arabia’s central bank has published an open banking framework, setting out legislation, regulatory guidelines and technical standards.
The framework is part of the Kingdom’s open banking programme which the central bank says is designed to not only let customers share their data with third parties but also strengthen partnerships between banks and fintechs, and improve financial infrastructure.
Open banking will initially focus on account information services, with payment initiation services to follow.
The Saudi Central Bank says it is tracking banks and fintechs to ensure they are ready to launch services in the first quarter of next year.
The open banking programme is part of a wider fintech strategy – part of Saudi Vison 2030 – that is seeing the Kingdom push to become a global financial technology hub.