The State Bank of Pakistan (SBP) has released draft Open Banking Regulations for public consultation, proposing secure sharing of financial data and initiation of business payments through authorized third party providers, based on customer consent. The framework would support digital payments between businesses and from consumers to businesses. Consent-based data sharing could also support credit assessments, improve access to financing for small and medium enterprises, and enable financial products tailored to customers’ needs. The draft draws on the completed first open banking cohort of SBP’s Regulatory Sandbox, taking the initiative from testing toward a proposed regulatory framework. It includes safeguards covering data protection and privacy, cybersecurity, fraud prevention and consumer protection.
State Bank of Pakistan consults on open banking rules for customer data sharing and business payments
The State Bank of Pakistan has opened consultation on draft rules enabling customers to share financial data and initiate business payments through authorized third party providers with their consent. The proposals draw on completed open banking sandbox testing and include data protection, cybersecurity and consumer safeguards. They would support digital business payments and uses of shared data such as credit assessments and financing for small and medium enterprises.