Saudi Arabia’s central financial institution has printed an open banking framework, setting out laws, regulatory tips and technical requirements.
The framework is a part of the Kingdom’s open banking programme which the central financial institution says is designed to not solely let prospects share their knowledge with third events but in addition strengthen partnerships between banks and fintechs, and enhance monetary infrastructure.
Open banking will initially deal with account info companies, with fee initiation companies to observe.
The Saudi Central Financial institution says it’s monitoring banks and fintechs to make sure they’re able to launch companies within the first quarter of subsequent yr.
The open banking programme is a part of a wider fintech technique – a part of Saudi Vison 2030 – that’s seeing the Kingdom push to turn out to be a world monetary know-how hub.