The Saudi Central Bank (SAMA) is launching a new initiative -
Open Banking – that promises to stimulate growth and
innovation in the Kingdom's financial services industry.
Already an established protocol in the UK and Europe, Open
Banking allows consenting customers to securely share their data
with third parties. Once deployed in KSA in the first half of 2022,
it will allow fintechs and other non-banks to create new financial
products and services that make customer journeys simpler and more
efficient.
A key part of Saudi Vision 2030
Open Banking will be a key component in the development of
financial services in Saudi Arabia. It dovetails with the strategic
priorities set out in both the Saudi Vision 2030 and the Financial
Sector Development Program (FSDP), namely: developing the digital
economy and supporting private sector growth in financial
services.
