The Saudi Central Bank (SAMA) has announced the commencement of licensing fintech companies to provide Open Banking services in Saudi Arabia, marking the transition of Open Banking from the regulatory sandbox phase into a formally licensed activity.
Lean Technologies, a MENA-based financial infrastructure provider, has been granted the first Major Payment Institution (MPI) licence issued under the new framework, making it the first licensed Open Banking provider in the Kingdom.
The licensing launch follows the successful completion of SAMA's regulatory sandbox programme, under which Lean Technologies was among the first participants. During the sandbox phase, Lean connected over one million bank accounts and processed more than one billion transactions, establishing an operational track record before receiving full authorisation.
Open Banking framework and Vision 2030 alignment
SAMA's Open Banking programme forms part of the National Fintech Strategy, a key component of Saudi Vision 2030, which aims to position the Kingdom as a global fintech hub. The framework is designed to enable customers to securely share financial information with SAMA-supervised entities, with data sharing conducted under customer consent within a regulated structure that safeguards privacy and information security.
Lean Technologies' adoption has been driven by partnerships with Saudi institutions across BNPL, consumer finance, automotive, investment, and government services, including Tabby, Tamara, Abdul Latif Jameel, Sukuk, and Tasheel. Tamara, a BNPL provider, deployed Lean's infrastructure to improve financial solvency assessment, resulting in a 32% increase in approval rates for its consumer financing product following the integration of cash-flow data into its underwriting process.
SAMA stated the licensing decision reflects its commitment to supporting financial sector innovation, enhancing transaction efficiency, and promoting financial inclusion across all segments of Saudi society.
Commenting on the news, Hisham Al-Falih, CEO and Co-Founder of Lean Technologies, said receiving the licence from SAMA represents the moment that a conviction held since the company's founding over six years ago becomes official, with the platform now in a position to extend its infrastructure to thousands of merchants, SMEs, and end users across the Kingdom.
