Saudi Arabia Financial Services Central Bank Launches Open Banking Lab

One of the most significant technological enablers of the Kingdom’s open banking ecosystem, and in accordance with SAMA’s “Open Banking Framework”, the Open Banking Lab is expected to encourage innovation and expedite the development of open banking services. 

The Open Banking Framework initiative was introduced in November 2022, in line with strategic priorities set in the Saudi Vision 2030 and in the Financial Sector Development Program (FSDP). These priorities include developing a digital economy, and enabling Financial Intermediaries to support private sector growth through open financial services to new types of players. Through these initiatives, the Saudi Central Bank is nurturing the rise of digital technologies and their impact on the new financial services enabled by them, as well as building the regulatory framework needed to adopt these initiatives.  

The Open Banking Lab will provide banks and fintech companies with a technical testing platform where they can create, evaluate, and certify their services to ensure compatibility with the Open Banking Framework.

Overall, the Open Banking Lab lunch is a positive development for U.S. companies looking to expand their business in Saudi Arabia and presents exciting opportunities for growth and collaboration. 

 
Inquiries or requests for further information may be sent to Hesham.Alawad@trade.gov