The Saudi Central Bank has commenced licensing fintech companies to provide open banking services, following the successful completion of the supervised Regulatory Sandbox phase.

The development marks an important step in Saudi Arabia’s rapidly evolving fintech ecosystem. Open banking enables customers to securely share financial information with authorized service providers, supporting more innovative and personalized financial solutions.

Organizations entering this sector must prioritize API security, customer consent, data protection, third-party risk and regulatory compliance.

https://sama.gov.sa/en-US/MediaCenter/News/pages/news-1135.aspx?utm_source=chatgpt.com