Kingdom of Saudi Arabia grants first open banking license
The Kingdom of Saudi Arabia has taken a new step toward enhancing digital transformation in the financial sector, as the Saudi Central Bank announced the granting of the first license to "Lean Technologies" to provide open banking services in the Kingdom.
This step is part of the Kingdom's strategy to develop the financial technology sector, and is in line with the goals of Saudi Vision 2030, which seeks to support innovation and facilitate financial transactions for citizens, residents, and companies alike.
Open banking services allow customers to securely share their financial data with other applications and financial technology companies, enabling them to access a wide range of innovative financial services, such as personal expense management and access to faster and easier payment solutions.
"Lean Technologies" is considered a leading company in this field, and its receipt of this license comes after meeting all the regulatory and technical requirements set by the Saudi Central Bank to ensure information security and protect user rights.
This development is expected to contribute to enhancing competitiveness in the Saudi financial market and encourage more startups to provide advanced digital solutions, further strengthening the Kingdom's position as a leading regional hub for financial technology in the region.