Logo of the Saudi Central Bank (SAMA)
The Saudi Central Bank (SAMA) issued the “Open Banking Framework”, one of the key outputs of the Open Banking Program.
The bank said in a statement received by Argaam that the framework includes a set of legislation, regulatory manuals and technical standards, in accordance with international best practices, to enable banks and financial technology companies to provide open banking services in the Kingdom.
The focus in the first version of the open banking services was on the account information service, with the second version to be on the payment initiation service, where SAMA is working to follow up the progress of banks and financial technology companies to ensure the readiness of the sector to launch open banking services during the first quarter of 2023.
The open banking represents a new concept in the financial sector, as it aims to enable clients of the financial entities to securely share their financial data with a third party that provides new and innovative financial services and products.
The concept also contributes to creating a positive impact in the sector by strengthening the partnership between banks and fintech companies, in addition to improving the infrastructure of the sector and enabling better use of financial data for clients.
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