The Open Banking Lab will provide fintechs and banks with a technical testing environment, allowing them to develop, test and certify their open banking initiatives and ensure their compatibility with the country’s Open Banking Framework.
The framework includes a comprehensive set of legislation, regulatory guidelines and technical standards based on international best practices to enable banks and fintechs to provide open banking services in Saudi Arabia as early as Q1 2023.
Announcing the framework in November, SAMA said: “Open banking creates a positive impact in the industry by strengthening the partnership between banks and fintechs.
