The Central Bank issues an “open banking policy” and explains its advantages

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The Central Bank of Saudi Arabia (SAMA) announced today (Sunday) the issuance of an “open banking policy”, which will enhance confidence in both customers and market participants from banks, financial technology companies, other financial bodies, and stakeholders.

The Central Bank stated that if this policy is implemented, bank customers can manage their bank accounts and share data securely, and customers will also be allowed to allow third-party service providers to access their banking information with explicit and clear consent.

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He indicated that customers can also benefit from the best financial products and services, starting with merging all accounts in one control panel, and ending with creating smoother patterns in daily banking activities, indicating that they are consistent with the objectives of the financial sector development program, and enabling financial institutions to support the growth of the private sector.

He pointed out that this policy allows all parties to benefit from data related to financial transactions, and to support innovative methods of managing funds, in order to enhance financial inclusion plans, as this policy includes the main objectives of implementing open banking in the Kingdom, and its positive effects on the financial sector.

The open banking policy can be found on the Saudi Central Bank website via (link).