Al-Marsad Newspaper: The Saudi Central Bank announced the launch of the Open Banking Lab in accordance with the Open Banking Framework, which was issued by the Central Bank in November 2022.
The Open Banking Lab is considered one of the most important technical capabilities of the open banking system in the Kingdom, as the Lab provides an experimental technical environment; To enable banks and FinTech companies to develop, test and authorize Open Banking services; To ensure compatibility with the regulatory framework for open banking. The lab also aims to enable innovation and accelerate the development of open banking services in the Kingdom.
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 provides new and innovative financial products and services 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 sector’s infrastructure, and enabling better use of customers’ financial data.