According to MENAbytes, the move is part of a series of different initiatives that SAMA has introduced over the last three years to help create and grow a fintech ecosystem in the Kingdom.
Open Banking is a practice of banks sharing their customer data including account details, transactions, and other details, securely with third-party financial services providers including fintech and other players, (with the consent of the customers), through the use of APIs.
SAMA plans to go live with the open banking initiative in the first half of 2022. For the next 12 months, it will work on the design of Open Banking ecosystem and its implementation (which would also include testing with the financial ecosystem players).
In these next eighteen months or so, SAMA said that it will work with the participants of the financial market to co-build the Open Banking ecosystem. This approach will result in the optimal Open Banking framework to address the ecosystem stakeholders’ needs.
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