Saudi Arabia grants first open banking license to Lean Technologies
The Kingdom of Saudi Arabia has taken a new step toward strengthening the fintech sector, as the Saudi Central Bank (SAMA) granted the first official license to provide open banking services to Lean Technologies.
This step is part of the Kingdom's strategy to develop the digital economy and facilitate the provision of innovative financial services to citizens and residents. Open banking allows companies to offer advanced financial solutions by connecting bank accounts to secure applications, giving customers greater control over their financial data.
Lean Technologies, which is headquartered in the Kingdom, is considered a leading company in the fintech field. This license comes after significant efforts by the Central Bank to regulate this new sector and ensure the protection of user data while promoting competition in the financial market.
It is expected that this decision will contribute to accelerating digital transformation in the Kingdom, in line with Saudi Vision 2030. It will also open the door for more companies to provide faster and easier payment and money transfer services, thereby enhancing the efficiency of the country's financial system.