RELIGIONS NEWS AGENCY (REDNA) –Saudi Arabia to grow it`s fintech sector is going to establish an open banking system
Al-Monitor reported the open banking system was launched in Saudi Arabia yesterday.
The framework includes laws, guidelines and technical standards for banks and fintech firms offering open banking services in the kingdom. The measure is in line with Saudi Arabia’s Vision 2030 economic diversification initiative.
Open banking lets a third party gains access to customers’ financial data to offer more advanced and innovative banking services.
Saudi Arabia to grow it`s fintech has also approved some fintech companies.