Saudi Arabia’s open banking program fuels fintech growth in the region

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Mon, 2022-06-20 23:56

RIYADH: Saudi Arabia is poised to become a regional fintech hub with the launch of open banking last month. The concept provides seamless digital banking solutions to all stakeholders, besides reducing operational costs of traditional banking.

On May 24, the Saudi cabinet approved the Kingdom’s financial technology strategy to modernize the payment sector as part of Vision 2030’s Financial Sector Development Program.

Speaking about the program, Talat Zaki Hafiz, economist and financial analyst, told Arabian Weekly that the program has three main pillars.

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