SAMA Holds Open Banking Forum with Banks in Riyadh

The Saudi Central Bank (SAMA) convened an Open Banking Forum on Wednesday, September 16, 2026, in Riyadh, bringing together Open Banking leaders from banks across the Kingdom. Held on the sidelines of Money20/20 Middle East, the forum reviewed national progress in Open Banking and underscored the banking sector’s pivotal role in building a secure, innovative financial ecosystem for individuals and businesses. The gathering reflects SAMA’s commitment to close collaboration with the sector as it advances the Kingdom’s financial technology agenda.

Context and Background

The forum took place during Money20/20 Middle East, a global fintech event that has become a key platform for the region’s financial innovation dialogue. Open Banking allows customers to securely share their financial data with licensed third-party providers, enabling services such as account aggregation, personalized financial management, and streamlined payments. Under SAMA’s regulatory framework, the Kingdom has been steadily building the infrastructure needed to support these services while safeguarding customer data and maintaining trust in the financial system.

SAMA has positioned Open Banking as a core component of its broader fintech strategy, which aligns with the Financial Sector Development Program under Saudi Vision 2030. The program aims to create a diversified and innovative financial sector, increase the contribution of digital payments, and enhance financial inclusion. The forum served as a checkpoint to assess progress and agree on priorities for the next phase.

Key Details

During the forum, SAMA reviewed the current state of Open Banking in the Kingdom and highlighted the banking sector’s role in developing the ecosystem. Participants discussed banks’ readiness for Payment Initiation Services, a capability that allows customers to initiate payments directly from their bank accounts through licensed third-party applications. The conversation also covered expanding the use of Open Banking services by businesses, which could streamline operations and improve cash-flow management for companies of all sizes.

Attendees examined ways to improve service quality, strengthen coordination between banks and fintech companies, and provide a more consistent customer experience. These discussions are part of SAMA’s ongoing efforts to foster collaboration across the financial sector while ensuring that innovation does not compromise service reliability or customer protection.

Implications and Impact

The forum signals a maturing Open Banking ecosystem in Saudi Arabia, where banks and fintechs are moving from experimentation to broader commercialization. For consumers, wider adoption of Open Banking can mean more tailored financial products, easier switching between service providers, and greater control over personal data. For businesses, especially small and medium enterprises, Payment Initiation Services and data-driven tools can reduce friction in payments and improve access to financing.

Regionally, the Kingdom’s progress positions it as a leader in financial innovation in the Middle East. By bringing banks together with regulators and fintech innovators, SAMA is helping to set standards that could influence Open Banking development across the Gulf and beyond. The emphasis on coordination and consistent customer experience suggests a deliberate approach that balances speed with stability.

Vision 2030 Alignment

The Open Banking Forum directly supports Saudi Vision 2030’s goal of building a thriving digital economy and a world-class financial sector. By advancing Open Banking, SAMA is helping to create a more inclusive, efficient, and innovative financial system that serves individuals and businesses alike. As the Kingdom continues to modernize its financial infrastructure, initiatives like this forum demonstrate Saudi Arabia’s commitment to responsible innovation and its growing role as a global fintech hub.

20 Questions

Q1. What was the purpose of the SAMA Open Banking Forum?

A1. The forum reviewed Open Banking progress in Saudi Arabia and highlighted the banking sector’s role in developing a secure and innovative financial ecosystem for individuals and businesses. It also set priorities for the next stage of the ecosystem’s growth.

Q2. When and where did the forum take place?

A2. SAMA held the forum on Wednesday, September 16, 2026, in Riyadh, on the sidelines of Money20/20 Middle East. The event brought together Open Banking leaders from banks across the Kingdom.

Q3. What is Open Banking?

A3. Open Banking allows customers to securely share their financial data with licensed third-party providers to access services like account aggregation, personalized financial management, and streamlined payments. It operates under regulatory oversight to protect customer data.

Q4. Why is SAMA focusing on Open Banking now?

A4. SAMA is focusing on Open Banking to advance the Kingdom’s fintech strategy, enhance financial inclusion, and support the Financial Sector Development Program under Saudi Vision 2030. The forum ensured banks are ready for the next phase of growth.

Q5. What are Payment Initiation Services?

A5. Payment Initiation Services allow customers to initiate payments directly from their bank accounts through licensed third-party applications. This can simplify online transactions and give users more control over how they pay.

Q6. How will Open Banking benefit individuals in Saudi Arabia?

A6. Individuals can expect more tailored financial products, easier switching between service providers, and greater control over their personal data. These benefits aim to improve convenience and financial management.

Q7. How will Open Banking benefit businesses?

A7. Businesses, especially small and medium enterprises, can use Open Banking for streamlined payments, better cash-flow management, and improved access to financing. Payment Initiation Services can reduce friction in commercial transactions.

Q8. What role do banks play in Open Banking?

A8. Banks are pivotal in developing the Open Banking ecosystem, enabling secure data sharing, and ensuring reliable service delivery. Their readiness for new services like Payment Initiation is critical to the ecosystem’s success.

Q9. How does SAMA support coordination between banks and fintechs?

A9. SAMA facilitates dialogue through forums and regulatory frameworks that encourage collaboration. The recent forum discussed ways to strengthen coordination to ensure a consistent customer experience across all providers.

Q10. What is Money20/20 Middle East?

A10. Money20/20 Middle East is a major fintech event that brings together industry leaders, innovators, and regulators. It serves as a platform for discussing financial technology trends and developments in the region.

Q11. How does Open Banking relate to Vision 2030?

A11. Open Banking supports Vision 2030’s goal of building a digital economy and a world-class financial sector. It enhances financial inclusion, innovation, and efficiency, aligning with the Financial Sector Development Program.

Q12. What measures protect customer data in Open Banking?

A12. SAMA’s regulatory framework requires licensed providers to meet strict data protection and security standards. Customers must consent to data sharing, and institutions are supervised to ensure compliance and reliability.

Q13. What priorities were discussed for the next stage?

A13. Discussions focused on banks’ readiness for Payment Initiation Services, expanding Open Banking use by businesses, improving service quality, and strengthening bank-fintech coordination for a consistent customer experience.

Q14. How does Open Banking improve service quality?

A14. Open Banking encourages competition and innovation, leading to better financial products and services. It also promotes consistent experiences across providers by standardizing data sharing and payment processes.

Q15. Will Open Banking be available to all customers?

A15. SAMA aims to expand Open Banking services broadly, with a focus on financial inclusion. As the ecosystem matures, more individuals and businesses are expected to benefit from these secure, innovative services.

Q16. What is SAMA’s role in the Open Banking ecosystem?

A16. SAMA regulates and supervises the ecosystem, sets standards, and facilitates collaboration between banks and fintechs. It balances innovation with service reliability and customer protection.

Q17. How does Open Banking enhance financial inclusion?

A17. By enabling access to tailored financial services and reducing barriers, Open Banking can bring more people into the formal financial system. It supports the goal of expanding digital payments and financial access.

Q18. What are the next steps after the forum?

A18. SAMA will continue working with banks and fintechs to implement priorities discussed, including Payment Initiation Services and business adoption. Further progress will be guided by the regulatory framework.

Q19. How does Open Banking affect competition in the financial sector?

A19. Open Banking fosters competition by allowing customers to choose from more providers and services. This drives innovation, improves quality, and encourages institutions to offer better value.

Q20. What does the forum say about Saudi Arabia’s global fintech standing?

A20. The forum demonstrates Saudi Arabia’s commitment to becoming a global fintech hub. By advancing Open Banking, the Kingdom positions itself as a regional leader in financial innovation and digital transformation.

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