Neotek Receives the Kingdom’s First Open Banking License

Logo of Neotek

The Saudi Central Bank has granted Neotek the Kingdom’s first final Open Banking license, following the company’s successful completion of the regulatory sandbox program. With this milestone, Neotek begins full operations as the first officially licensed Open Banking provider in Saudi Arabia.

The license represents a significant regulatory milestone in the development of the Kingdom’s Open Banking ecosystem, supporting digital transformation and financial innovation while advancing the objectives of Saudi Vision 2030 and the Financial Sector Development Program. It also reflects the maturity of Saudi Arabia’s fintech landscape and its ability to support advanced digital business models.
 

Mr. Ryan Al-Quwaie, Chief Executive Officer of Neotek, expressed his appreciation to the Saudi Central Bank for its continued trust and support for fintech companies, stating:
 

“This achievement confirms our full readiness to collaborate with partners across multiple sectors to develop advanced digital business models and leverage the capabilities of Open Banking to drive innovation and deliver new value to customers.”
 

Open Banking represents one of the most significant structural shifts in the financial sector. Through clear regulatory frameworks and secure application programming interfaces (APIs), it enables the secure sharing of financial data with customer consent. This approach opens the door to developing more efficient, inclusive, and personalized financial and non-financial services, while strengthening competition and innovation in the financial ecosystem.
 

Neotek commenced operations in 2024 as a company specialized in Open Banking and data solutions, focusing on building a unified platform that connects banks and various entities through secure and flexible APIs in line with the highest regulatory and technical standards.
 

The company provides an integrated suite of innovative digital solutions, including the organization and processing of financial and non-financial data, enabling non-financial institutions to develop data-driven business models, connecting banks and data providers through a unified integration gateway, and delivering advanced analytics that support comprehensive and predictive digital services.
 

Its services also include financial solvency assessments, customer credit evaluation, digital bank account statements, and payment services enabled through Open Banking.
 

Operationally, Neotek has successfully integrated with all local banks and more than 20 data providers, processing over 8 million digital transactions since 2024. The company has enabled several institutions to deliver integrated digital services, demonstrating its technical readiness and ability to scale its operations. The new license is expected to accelerate the adoption of Open Banking, strengthen integration between the financial and non-financial sectors, and drive innovation in digital services further reinforcing Saudi Arabia’s position as a leading regional hub for fintech innovation.