Bank Albilad becomes the inaugural Saudi bank to offer Open Banking services.
Driven by its unwavering commitment to innovation and digital banking, Bank Albilad has successfully fulfilled the technical permit requirements to enable open banking services in accordance with the regulatory framework established by the Saudi Central Bank (SAMA). As the first bank in Saudi Arabia to obtain the technical permit and enable open banking services, Bank Albilad aims to support the FinTech ecosystem in the Kingdom and elevate the banking experience for its customers through innovative digital solutions.
Abdul-Aziz Al-Onaizan, CEO of Bank Albilad, expressed his pride in the bank’s leadership and its achievement of being the first in the country to enable open banking services in compliance with the regulatory framework issued by the Saudi Central Bank. This accomplishment reflects Bank Albilad’s commitment to enhancing the competitiveness of the bank and delivering an exceptional banking experience to its customers through digital innovation.
Al-Onaizan stated, “We took the initiative to enable open banking services to support and foster the FinTech ecosystem and drive innovation in the financial sector, as it is one of the key pillars of the financial sector development program aligned with the Kingdom’s Vision 2030.”
The CEO further explained, “Since then, we have worked tirelessly to contribute to the objectives of Vision 2030. Today, we are pleased to enable all segments of our customers to securely share their financial data with our partners, including service providers and creators of new and innovative products. This enhances the quality of banking services and enables the secure sharing of financial data.”
Bank Albilad’s commitment to fostering innovation and FinTech is evident through the establishment of the Innovation Center (HORIZON) in June 2022. This center serves as a catalyst for innovation, FinTech, and entrepreneurship, creating an interconnected environment that nurtures ideas and facilitates the development of leading digital projects. The establishment of the Innovation Center has positioned Bank Albilad to effectively align with the regulatory framework for open banking issued by the Saudi Central Bank in November 2022. This framework encompasses regulations, business rules, and technical standards developed based on global best practices, enabling banks and FinTech companies to provide open banking services in the Kingdom.
Bank Albilad’s implementation of open banking services marks a significant milestone in the financial landscape of Saudi Arabia. By embracing digital transformation and facilitating the secure sharing of financial data, the bank is poised to drive innovation, enhance customer experiences, and contribute to the growth and development of the FinTech ecosystem in the Kingdom. As Bank Albilad continues to make advancements in digital banking, it remains at the forefront of revolutionizing the banking sector and delivering cutting-edge solutions to its valued customers.
