The Saudi Central Bank (SAMA) has announced the introduction of an open banking policy for the Kingdom in January 2021 to take it forward on the path of digital innovation in the financial services sector. The central bank hopes to go live with open banking in the first half of 2022 and ensure that digital technologies become the norm in the financial services domain and introduce newer services and products.
In a document outlining the open banking policy, SAMA has said: “Open banking will lead to direct innovation by enhancing opportunities to develop new products and services – either ‘in-house or in collaboration with third parties – to increase financial players’ value proposition and create additional revenue streams. For instance, banks and fintechs may develop innovative applications that analyze financial transactions data – with customer consent – and offer tailored products related to consumption patterns to benefit the customers themselves.”
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