The Saudi Central Bank "SAMA"
announces the issuance of the “Open Banking Policy”, which articulates the main
objectives of implementing Open Banking in the Kingdom and its positive effects
on the financial sector.
The issuance of this
policy builds on the efforts of SAMA in diligently pursuing the strategic
objectives of the Financial Sector Development Program, underscoring its
commitment to promoting innovation, and trust within the sector, re-enforcing
competition and raising efficiency. It is also aligned with the SAMA’s efforts
to ensure the sector’s infrastructure readiness to enable the utilization of
the most prominent financial technologies, and ensure the application of
leading supervisory practices for new and innovative technologies enabled
financial services. The policy can be viewed on (Link).