<a style="color: #993300;" href="https://www.sama.gov.sa/ar-sa/Pages/default.In accordance with the Open Banking Framework, which was issued by the Central Bank of Saudi Arabia in November 2022."Central Bank , the Open Banking Lab was launched in November 2022.
The Bank said in a statement. In a statement published on its Twitter account, the bank said that the Open Banking Lab is one of the most important technical enablers of the open banking system in the Kingdom, as the lab provides a technical testing environment to enable banks and financial technology companies to develop, test and authorize open banking services to ensure compliance with the open banking regulatory framework, and the lab aims to enable innovation and accelerate the development of open banking services in the Kingdom.
The statement explained that the practice of open banking represents a new concept in the financial sector, as it aims to enable customers of financial institutions to securely share their financial data with a third party that offers new and innovative financial services and products to customers. Open banking also contributes to creating a positive impact in the sector, by strengthening the partnership between banks and financial technology companies, in addition to improving the infrastructure of the sector, and enabling better use of customers" financial data.
Open banking is a new concept in the financial sector. He explained that the activation of open banking is one of the initiatives of the FinTech strategy, which is one of the pillars of the financial sector development program stemming from the Kingdom's Vision 2030, which was approved by the Council of Ministers at the end of May 2022, where the strategy aims to make the Kingdom a home and a global center for financial technology, and innovation in financial services based on technology is the basis, which enhances the economic empowerment of the individual and society.
Open Banking is one of the initiatives of the FinTech strategy, which is one of the pillars of the financial sector development program emanating from the Kingdom's Vision 2030. <It is worth mentioning that <a style="color: #993300;" href="https://amlak.net.The Saudi Central Bank announced in November 2022 the issuance of the regulatory framework for Open Banking, which includes a set of legislation, regulatory guides and technical standards in accordance with international best practices; to enable banks and financial technology companies to provide Open Banking services in the Kingdom, as the first version of Open Banking services focused on the Account Information Service, and the second version focused on the Payment Initiation Service, and the Bank is working on following up the workflow of banks and financial technology companies to ensure the readiness of the channel.
