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.
The move forms part of the country’s Open Banking Program and wider “fintech strategy”. Approved by the government in May this year, the strategy aims to make Saudi Arabia a “global fintech hub”. It is also a key pillar of the country’s Financial Sector Development Program (FSDP), which itself was developed as part of the Saudi Vision 2030 strategic framework to boost and diversify the nation’s economy.
