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In a significant step toward financial innovation, the Saudi Central Bank (SAMA) has officially commenced licensing fintech companies to provide open banking services in Saudi Arabia.
The move follows the successful completion of the regulatory sandbox phase and reflects SAMA’s commitment to enhancing the financial sector’s efficiency, flexibility, and innovation. Open banking enables customers to securely share financial data with authorized institutions, allowing the development of advanced and personalized financial products.
This initiative is expected to strengthen collaboration between banks and fintech firms, improve financial infrastructure, and expand access to services supporting greater financial inclusion across the Kingdom. The framework ensures strict data protection and privacy standards, reinforcing trust and security in financial data sharing.
The Open Banking Program forms a key pillar of Saudi Arabia’s fintech ambitions under Vision 2030, aiming to position the Kingdom as a global fintech hub driven by technology-led financial solutions.
How J K Management Consultancies Supports You
J K Management Consultancies provides expert assistance in fintech licensing, regulatory approvals, company formation, and compliance services in Saudi Arabia. With deep industry knowledge, J K helps businesses navigate SAMA regulations and successfully establish their presence in the rapidly evolving fintech ecosystem.
