The Clap
The Saudi Central Bank (SAMA) launched the Open Banking Lab, according to the Open Banking Framework issued by the bank last November.
What
The Open Banking Lab is one of the most important technical capabilities of the open banking system in KSA, providing a technology testing environment that allows banks and FinTech companies to develop, test, and authorize open banking services.
So What
Open banking represents a relatively new concept in the financial sector, seeking to encourage clients of financial institutions to securely share their financial data with a third party that provides new and innovative financial services and products to clients.
Now What
Launching open banking is one of the fintech’s strategies as it is one of the pillars of the financial sector development program within the KSA’s “Vision 2030“.
It aims for Saudi Arabia to be a home and global hub for fintech.
