policy

Open Banking Policy

Issuing bodySAMA
CountrySaudi Arabia
RegionNational
open bankingfinancial innovationdata sharingfinancial services

This Open Banking Policy from the Saudi Central Bank (SAMA) outlines the initiative to develop open banking services in Saudi Arabia, aligning with Saudi Vision 2030 and the Financial Sector Development Program. It aims to foster innovation, enable secure data sharing with third parties, and enhance financial services for customers through collaboration between banks, fintechs, and other financial players.

Key requirements
  • Securely share customer data with third parties with explicit and informed consent.
  • Leverage data associated with financial transactions to create new ways of managing money.
  • Enhance trust between customers and market participants.
Applies to: Banks, fintechs, and other financial players in Saudi Arabia
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