With ambitions to become a global hub for financial services, the Kingdom of Saudi Arabia has recognised the potential of open banking to help spur innovation and attract foreign fintech firms, aligning these efforts with the broader goals of the Saudi Vision 2030.
Saudi Arabia became an early mover in open banking in November 2022, when the Saudi Central Bank (SAMA) released the country’s open banking framework encompassing legislation, technical standards and regulatory guidelines, drawing inspiration from successful implementations abroad.
Recognising the transformative potential of the technology in the Kingdom, Tech Finance Daily delves into the progress, plans and future of open banking in helping the country diversify its economy, promote financial inclusion, and attract foreign direct investment.
In our new white paper, we explore:
- Saudi Arabia’s moves in open banking so far
- How open banking can support the aims of the Saudi Vision 2030
- What puts the Kingdom in such a strong position
- The transformative potential of open banking in Saudi Arabia
- How Saudi Arabia can further build upon open banking
Expert insight
Described as a “once-in-a-generation opportunity”, Saudi Arabia’s current position could see it establish itself as a global leader in the world of finance. To understand exactly how it can achieve this, we hear from:
- Richard Newman, corporate affairs director at OBL
- Stephen Wright, head of corporate and regulatory APIs at NatWest
- Hiba Chamas, business development director at RTGS.global
- Nauman Hassan, regional director, MENA at Paymentology
- Brett King, founder of Moven
- Bas Kooijman, CEO of DHF Capital
