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Saudi Central Bank launches Open Banking Lab

RIYADH: Open banking services in Saudi Arabia are set for a boost after the Kingdom’s central bank announced the launch of a new lab to allow businesses to test out their products against an established framework. The service is a new concept that enables the consumers of financial institutions to securely share their data with a third-party provider, facilitating new and

RIYADH: The rise of technological advancements in the Middle East has spun across all sectors, with financial technology becoming a trademark for innovation. The fintech sector has become one of the most important industries in the world, gaining the attention of entrepreneurs, investors and governments. Every year the industry witnesses unprecedented growth by doubling the

Ozone API representatives have revealed a potential release timeframe for Saudi Arabias new online payments guidelines in early 2023.

Manafa, a finance company specialised in debt-based crowdfunding, has obtained the licence from Saudi Central Bank to launch its operations in the kingdom. The licence was granted after a successful trial run in Samas regulatory Sandbox.

Nigeria has taken over the Grand Final of the 2022 Ecobank Fintech Challenge. The Nigerian fintech 'Touch and Pay' won the first prize on 28 October in Lomé (Togo) in front of an audience of experts.

Saudi Arabia's push to become a global fintech centre is gathering pace, with the number of financial technology startups in the Kingdom growing by 79% over the past twelve months and attracting $400 million in funding.

The Saudi Central Bank (SAMA) has issued its open banking framework, a set of legislation, regulatory guidelines and technical standards...

Open banking is a new concept in the financial industry. It is the practice of enabling customers of financial institutions to share their financial data securely with a third party provider, which in turn provides new and innovative financial services and products for customers.

While Saudi Arabia’s fintech sector presents opportunities for entrepreneurs, VC investors and consumers, there are specific, long-standing challenges hindering the market’s full potential.