Bank Albilad Becomes First Financial Institution to Offer Open Banking Services
Bank Albilad, a leading Islamic bank in Saudi Arabia, has become the first financial institution in the country to offer open banking services. The bank has completed the necessary technical requirements needed to obtain an open banking permit from the Saudi Central Bank (SAMA).
Open banking is a system that allows third-party financial service providers to access customer financial data from banks with the customer’s consent. This data can then be used to provide customers with new and innovative financial products and services.
The launch of open banking in Saudi Arabia is a significant milestone in the country’s efforts to promote financial inclusion and innovation. It is also a key part of Vision 2030, the kingdom’s economic reform plan.
The bank’s CEO Abdul-Aziz Al-Onaizan praised the development.
“We took the initiative to enable the open banking services in order to support and enable the FinTech system and innovation in the financial sector, as it is one of the pillars of the financial sector development program emanating from the Kingdom’s Vision 2030.”
Open banking has the potential to offer a number of benefits to customers, including:
Greater convenience: Customers will be able to access their financial data from a variety of providers, making it easier to manage their finances.
Increased choice: Customers will have a wider range of financial products and services to choose from, which could lead to better value for money.
Improved security: Open banking can help to improve the security of customer data, as it will be stored in a central location.
The launch of open banking in Saudi Arabia is a positive development for the country’s financial sector. It has the potential to increase competition, improve customer service, and drive innovation.
