Saudi Arabia to go live with Open Banking in 2022

Monday 25 January 2021 12:11 CET | News

The Saudi Arabian Monetary Authority (SAMA) is launching a framework for Open Banking in the kingdom, allowing for a new direction in the sector.    

The regulator announced that it plans to go live with Open Banking during the first half of 2022. The decision is set to present opportunities for fintech companies and Saudis themselves.

As investors from the kingdom see it, the central bank’s move ‘is set to revolutionise how customers, merchants and financial institutions augment the value they reap from accessing financial data’, as well as ‘open up opportunities beyond financial inclusion by placing greater emphasis on Saudis to become more financially literate and in command of their finances.’

SAMA has been slowly enabling more and more technologies and innovations to the market. Now, being able to access customer data, the fintechs will be able to go further in delivering their services.  Bahrain adopted Open Banking last year, and financial institutions have done so in the UAE, though not yet alongside an official central bank policy.

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Keywords: Saudi Arabia, Open Banking, SAMA, digital banking, API, Open Data, fintech, Open Finance
Categories: Banking & Fintech
Countries: Saudi Arabia
This article is part of category

Banking & Fintech

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