Amex Saudi Arabia taps Open Banking to broaden credit access

The initiative supports financial inclusion by addressing the credit needs of traditionally underserved populations in the Kingdom of Saudi Arabia.

The new functionality is powered by Tarabut, a regulated Open Banking platform operating across the MENA region. Through this collaboration, American Express Saudi Arabia leverages Tarabut’s technology to offer a secure method of accessing customer financial data, with user consent. The Open Banking integration enables more dynamic and real-time credit assessments, streamlining processes such as credit limit increases.

Advancing financial inclusion through innovation

This development aligns with Saudi Arabia’s national financial sector goals, particularly its Vision 2030 objectives aimed at improving economic participation and driving financial inclusion. By embracing Open Banking, American Express Saudi Arabia supports the Kingdom’s ambitions to create a more inclusive, tech-driven financial ecosystem.

Open Banking is gaining momentum in Saudi Arabia following the launch of the Saudi Central Bank’s (SAMA) Open Banking Framework in 2022. The framework promotes secure, consent-based data sharing between banks and fintechs, to increase competition, foster innovation, and improve financial inclusion. American Express Saudi Arabia’s initiative is among the early implementations in line with this national strategy.

The solution replaces traditional manual credit verification processes with a digital, automated system, significantly reducing friction in the customer journey. Customers can now request and receive credit updates more efficiently, using real-time financial data to support faster decisions.

The launch represents the first phase of a wider strategic partnership between American Express Saudi Arabia and Tarabut. As open banking regulations continue to evolve across the Kingdom, both companies plan to scale their cooperation, delivering further digital solutions designed to optimise the customer experience and broaden financial access.