Standard Chartered rolls out API platform in Saudi Arabia

Clients and partners will be able to share and integrate data securely in real time, helping create new financial services, and boosting the bank’s ability to increase value for its customers.

In line with the Kingdom’s Vision 2030 and the country’s aim to be a regional digital hub by expanding digitalisation and innovation across the country’s banking and financial sectors, businesses across any industry in the country will now be able to connect into a host of new capabilities. This includes digitising treasury, integration of banking capabilities into ERP operations, implementing digital business models, process automation, automated reconciliation, and enabling point-to-point integration. 

In a country where 60% of the population is below the age of 30, and whose population are digitally savvy, the launch of the bank’s API platform comes at a time of increased demand for digital transformation, innovation, and customer-centric approaches. The launch also supports Saudi Arabia’s recent Open Banking policy which is set to take effect later in 2022. The policy aims to create an ecosystem with the Kingdom’s financial institutions to support the development of an optimal Open Banking framework.

Standard Chartered Bank Branch in Saudi Arabia commenced banking operations in June 2021 after receiving approval from Saudi Central Bank and was among other banks hired to lead energy company Saudi Aramco's inaugural dollar sukuk issue that raised USD 6 billion.

Globally, Standard Chartered has more than 150 ready-to-use transaction banking APIs across cash, trade, FX, and securities services in more than 23 markets.