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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Saudi Arabia welcomes open banking

Bank Abilad has become the first financial institution in Saudi Arabia to offer open banking services

The bank has completed the necessary technical requirements needed to obtain an pne banking permit from the Saudi Central Bank.

The bank's CEO Abdul-Aziz Al-Onaizan praised the development. “We took the initiative to enable the open banking services in order to support and enable the FinTech system and innovation in the financial sector, as it is one of the pillars of the financial sector development program emanating from the Kingdom's Vision 2030."

Vision 2030 is Saudi Arabia's economic reform plan, designed to diversify the kingdom's economy and lessen the reliance on oil-based revenues. A central feature of the plan is a greater focus on fintech.

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Editorial | what does this mean?

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Comments: (1)

John Davies - Incept5 - London 16 June, 2023, 19:35

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Welcome Saudi Arabia, at the speed the UK banks are moving with this you will be well ahead by the end of 2023. Open Banking is the future of payments and it's great you've joined the club.