Saudi Arabia grants first open banking license to Lean Technologies
The Kingdom of Saudi Arabia has achieved a significant milestone in its financial digital transformation journey, as the Saudi Central Bank (SAMA) 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 foster innovation in the financial sector and falls within the Financial Sector Development Program under Saudi Vision 2030. Open banking aims to enable customers to securely share their financial data with third parties, facilitating access to diverse and innovative financial services.
Lean Technologies is considered one of the leading startups in the financial technology sector. Through this license, the company will be able to provide technical solutions that allow financial institutions and companies to offer more efficient and user-friendly payment and money management services within the Kingdom.
This decision follows intensive regulatory efforts by the Saudi Central Bank to ensure a safe and stable environment for digital financial services. This initiative contributes to supporting the growth of startups, enhancing market competitiveness, and providing a better banking experience for citizens and residents in the Kingdom.
Saudi Arabia continues to strengthen its position as a regional hub for financial technology, as it seeks to attract more investments and innovative companies. It is expected that the coming period will see more companies entering this sector, which will enhance the efficiency of the digital financial system in the country.