According to the official announcement, the move is intended to allow the bank’s clients to access their account information and financial transactions, among other services.
SingleView is also set to provide the bank’s clients with financial management services for corporates, institutions, and individuals to view, analyse, and be able to make better financial decisions.
Commenting about the collaboration, officials from SingleView stated that this progress emphasises the company’s goal of being among the key players of Open Banking services in Saudi Arabia. The partnership with Alinma Bank is expected to enhance the adoption of Open Banking services, ultimately improving the quality of financial services provided to customers in the country.
Saudi Arabia and Open Banking
In January 2024, Saudi-based fintech savings platform Hakbah
announced its partnership with Tarabut, MENA’s Open Banking platform and an investor in the region’s digital transformation. The partnership aimed to improve Hakbah's offering by leveraging Tarabut's Open Banking and connectivity platform to provide faster, easier, and more cost-effective service for Hakbah's customers.
The collaboration was expected to simplify and expedite various tasks, enabling streamlined onboarding and stronger protection of data processing for customers. In addition, it reduces the cost of Hakbah's service, cuts data processing time by 40%, and expands the customer offering by 20%.
According to an official press release, these improvements will be facilitated by Tarabut's Open Banking connectivity platform and other products, which will help Hakbah deliver tailored solutions that address current and future customer needs.
In September 2023, Saudi Central Bank
announced the plan to issue a new regulatory framework for Open Banking in Q4 2023, for the payment origination services. Following this announcement, SAMA would aim to expand the range of improved and efficient financial solutions available in the market, as well as to strengthen the country's commitments and focus on benefiting from multiple Open Banking opportunities.
