The Saudi Central Bank (SAMA) held a meeting in Riyadh with the chief executives of open banking companies to discuss recent developments in Saudi Arabia's open banking ecosystem and the main operational and regulatory priorities for the next phase. The discussion comes as these companies transition from the Regulatory Sandbox to licensing, with a focus on strengthening compliance with upcoming requirements and coordination during that shift. Deputy Governor for Financial Innovation Nora Al-Bakr attended alongside company CEOs, SAMA executive directors and relevant department directors. The meeting also covered continued collaboration among participating firms and supervisors to support the development of open banking services, and formed part of SAMA's regular series of meetings with supervised financial institutions to share experience within a regulatory framework that balances financial innovation with protection of beneficiaries.
Saudi Arabian Monetary Authority 2026-05-10
Saudi Central Bank reviews open banking compliance priorities as firms move from sandbox to licensing
The Saudi Central Bank held a meeting in Riyadh with chief executives of open banking companies to review developments in the open banking ecosystem and set operational and regulatory priorities as firms move from the Regulatory Sandbox to licensing. Discussions focused on strengthening compliance with upcoming requirements, enhancing coordination during the transition, and maintaining a regulatory framework that balances financial innovation with beneficiary protection.