SAMA Begins Licensing Fintechs for Open Banking Services in Saudi Arabia

The Saudi Central Bank (SAMA) announced on Mar 26, 2026, that it has commenced licensing fintech companies to provide open banking services. The move follows the successful completion of a regulatory sandbox phase conducted under SAMA's supervision. Open banking allows customers to securely share financial information with SAMA-supervised entities that offer new financial products and services.

The framework requires customer consent and compliance with SAMA's open banking rules to safeguard information and privacy. SAMA said the initiative strengthens partnerships between banks and fintech companies while improving sector infrastructure. The Open Banking Program is part of the National Fintech Strategy, a pillar of Saudi Vision 2030 aimed at positioning the Kingdom as a global fintech hub.