SAMA Issues the Open Banking Framework
Notes or comments #
Framework that is launched: regulations and guidelines #
SAMA announces the issuance of the Open Banking Framework as one of the key outputs of the Open Banking Program, which includes a comprehensive set of legislation, regulatory guidelines and technical standards based on international best practices to enable banks and fintechs to provide open banking services in the Kingdom.
Phases #
First phase will focus on and second phase on and make sure to launch services by 1/4 of 2023. #
The first version of the open banking services focused on the Account Information Service (AIS), and the second version will focus on the Payment Initiation Service (PIS). SAMA is also tracking the development of banks and fintechs to ensure their readiness to launch open banking services within the first quarter of next year 2023.