Online payments, digital wallet growth, set the stage for Saudi Open Banking 2022

Online payments, digital wallet growth, set the stage for Saudi Open Banking 2022

On the heels of  Saudi Arabia's central bank's (SAMA) future launching of a framework for open banking in the kingdom during H1 2022, there is a buzz of excitement among fintech players who are already Open Banking pioneers and advocates in the region,

The full policy can be read here (PDF) on SAMA's website.

"With the support of market participants, SAMA plans to go live with Open Banking during the first half of 2022,“ the regulator announced.

The biggest beneficiaries could be the three startups building the rails for Open Banking in the region; Lean from Saudi, Dubai-based Dapi, and Bahrain's Tarabut Gateway, the latter being the company behind the first Open Banking operation in the region.