Saudi Central Bank Commences Licensing of Fintechs for Open Banking Services After Successful Sandbox Phase

The Saudi Central Bank, known as SAMA, announced on 26 March 2026 that it has formally commenced the licensing of fintech companies to provide open banking services, following the successful completion of a regulatory sandbox phase that allowed the framework to be tested under controlled conditions before its broader rollout. SAMA said the initiative aims at "advancing financial inclusion and expanding access to financial services across all segments of society."

According to SAMA, open banking enables customers to securely share their financial information with SAMA-supervised entities that provide new and innovative financial products and services, with consent-based information sharing and consumer-protection safeguards.

OPEN BANKING ANCHORED IN VISION 2030 STRATEGY

SAMA said the initiative is part of the National Fintech Strategy, derived from Saudi Vision 2030, which aims to make the Kingdom "a global fintech hub, where technology-driven financial innovation serves as a foundation for enhancing economic empowerment for individuals and society." The sandbox phase was conducted under SAMA's supervision.

The Kingdom had 261 active fintech companies by the end of 2024, surpassing initial targets, according to the Financial Sector Development Program. The sector had created more than 11,000 direct jobs.

The licences authorise the companies to conduct payment services by providing account information, one of the services associated with open banking.

SANDBOX SUCCESS PAVES WAY FOR FORMAL LAUNCH

SAMA urged consumers to deal only with licensed financial institutions and to check its website for the current list of licensed providers.

Both of the first licensees had completed the regulatory sandbox phase under SAMA's supervision.

SAMA licensed two companies to provide account information services; Lean Technologies said it had received a Major Payment Institution licence for open banking, becoming the first company authorised to provide open banking services commercially in the Kingdom.