The Saudi Central Bank (SAMA) has started licensing fintech companies to provide open banking services, moving the initiative beyond its regulatory sandbox phase. Open banking will allow customers to securely share their financial information, with consent, with SAMA-supervised entities offering new financial products and services under the open banking framework. SAMA framed the move as supporting more efficient and flexible transactions and promoting innovation and financial inclusion, while requiring information-sharing to operate within a regulatory framework intended to safeguard data and privacy. The Open Banking Program sits within the National Fintech Strategy under Saudi Vision 2030.
Saudi Arabian Monetary Authority 2026-03-26
Saudi Central Bank begins licensing fintechs to provide open banking services after completing its regulatory sandbox phase
The Saudi Central Bank (SAMA) has begun licensing fintech companies to offer open banking services, advancing beyond the regulatory sandbox phase. This initiative enables customers to securely share financial information with SAMA-supervised entities, fostering innovation and financial inclusion under the National Fintech Strategy of Saudi Vision 2030. The framework emphasizes efficient transactions and data privacy safeguards.