The Saudi Central Bank (SAMA) has launched a licensing framework that allows fintech firms to provide open banking services, upon completion of the regulatory sandbox requirements and procedures.

In a statement, SAMA described open banking as an emerging financial model that enables customers to securely share their financial data with regulated entities, giving them access to a broader range of innovative products and services.

The central bank said the initiative is expected to strengthen collaboration between banks and fintech companies, enhance financial infrastructure, and support more effective use of customer data. These developments will operate within a regulatory framework designed to protect data privacy and ensure customer consent.

SAMA added that the move is part of its broader efforts to develop the financial sector, improve the efficiency and flexibility of financial transactions, and foster innovation in a secure and reliable environment. It also aims to promote financial inclusion and expand access to financial services across different segments of society.

The open banking program aligns with the National FinTech Strategy under Saudi Vision 2030, which seeks to position the Kingdom as a global fintech hub and to establish technology-driven financial innovation as a key driver of economic growth.