Bank Albilad has completed the technical permit requirements for open banking services as per the regulatory framework issued by SAMA

Bank Albilad, the first bank in Saudi Arabia to obtain the technical permit and enable the open banking services, has completed the technical permit requirements to enable the open banking services in accordance with the regulatory framework issued by the Saudi Central Bank "SAMA" with the aim of supporting the FinTech system in the Kingdom. Bank Albilad is driven by its never-ending pursuit to enhance innovation and digital banking.

It is worth mentioning that Bank Albiad has opened the Innovation Center (HORIZON) on June 2022 AD, which is regarded as a step to encourage innovation, FinTech, and entrepreneurship towards creating connected environment that ensures the incubation of ideas and digital leading projects. This qualified Bank Albilad to keep pace with the regulatory framework for open banking since it is issued by the Saudi Central Bank “SAMA” on November 2022 AD to include regulations, business rules, and technical standards that were developed according to the best global practices and to enable banks and FinTech companies to provide the open banking services in the Kingdom.

It is important to note that on June 20, 2022 AD, Bank Albiad established the Innovation Centre (HORIZON), which is seen as a move to promote innovation, FinTech, and entrepreneurship towards building a connected ecosystem that ensures the incubation of ideas and digitally innovative initiatives. Since the Saudi Central Bank "SAMA" issued the regulatory framework for open banking on November 20, 2022 A.D., Bank Albilad was able to keep up with it. This allowed banks and FinTech firms to offer open banking services in the Kingdom while also incorporating regulations, business rules, and technical standards that were developed in accordance with best practises around the world.