Kingdom of Saudi Arabia grants first open banking license
The Kingdom of Saudi Arabia has taken a new and significant step in its financial digital transformation journey, announcing the granting of the first open banking license to "Lean Technologies." This decision comes as part of the Kingdom's efforts to foster innovation in the financial sector and support startups in the fintech space.
Open banking is a modern technology that allows customers to securely share their financial data with licensed fintech companies. This move aims to provide more accessible and diverse financial services to consumers and businesses, contributing to an improved user experience and facilitating payment and money transfer processes.
Lean Technologies, which is based in the Kingdom, is considered a leader in this field. The company received this license after meeting all the regulatory requirements set by the Saudi Central Bank (SAMA). This achievement underscores the Kingdom's commitment to developing a flexible regulatory environment that encourages digital economic growth.
This development is part of the objectives of Saudi Vision 2030, which aims to make the Kingdom a regional hub for technology and financial innovation. The implementation of open banking is expected to increase competitiveness among financial institutions, ultimately leading to the provision of better and faster services for all citizens and residents in the Kingdom.