SAMA launches open banking lab

SAMA headquarters

The Saudi Central Bank (SAMA) announced the launch of the open banking lab, in line with the open banking framework, which was issued in November 2022.

The open banking lab is one of the key technical enablers that help banks and fintechs to develop, test, and certify their open banking services and ensure compliance with the open banking framework.

The lab is designed to foster innovation and speed up the development of open banking services in the Kingdom.

Open banking practice will enable customers of financial institutions to share their financial data securely with third party providers, thus providing new and innovative financial services and products to customers.

The program is one of the most important initiatives of the fintech strategy, one of the pillars of the Financial Sector Development Program (FSDP) under Saudi Vision 2030.

The fintech strategy seeks to make Saudi Arabia a global fintech hub where technology-based innovation in financial services is the foundation to enhance the economic empowerment of individuals and society.