Fintech companies to benefit most from SAMA open banking policy

Fintech companies to benefit most from SAMA open banking policy

The open banking policy approved by the Saudi Central Bank (SAMA) on Sunday is expected to benefit the Kingdom's financial technology (fintech) companies due to its advanced and varied services, experts said.

SAMA said in a statement that the policy would enable bank customers to securely manage their bank accounts and share their data with third parties. Customers will also have access to bespoke financial products and services from the same platform and enjoy smoother daily banking activities.

Fadhel Al-Buainain, a former Saudi banker, said that it is a known fact that only the customer and the bank have access to confidential banking information. Following the implementation of the new policy, however, a third party can also