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  • 05-01-23

    SAMA starts Open Banking Lab to ease economic innovation

    (MENAFN) Open banking facilities in Saudi Arabia are prepared for a growth following the nation’s central bank declared the start of an additional lab to permit businesses to test out their outputs versus an established framework.

    The facility is an additional concept that allows the consumers of economic institutions to securely share their information with a third-party supplier, easing additional and innovative facilities and outputs for consumers.

    The declaration by the bank, also known as SAMA, comes in the wake of its Open Banking Framework released in November 2022, and is targeted at supporting innovation and quacking improvement in the industry.

    “The lab will provide banks and fintechs with a technical testing environment to enable them to develop, test and certify their open banking services to ensure compatibility with the Open Banking Framework,” the central bank mentioned in the announcement, also stating: “It will create a positive impact in the industry by strengthening the partnership between banks and fintechs, improving the financial infrastructure to guarantee better use of consumers’ financial data.”

    MENAFN05012023000045014228ID1105386985

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