WhiteSight

Inside Saudi Arabia’s Open Banking Boom: A 2023 Snapshot

Table of Contents

Symbiosis in Action: Saudi Arabia’s Open Banking Renaissance In the quest to build vibrant, diversified economies beyond the oil horizon, the Gulf Cooperation Council (GCC) nations are anchoring their national strategies on the bedrock of an ‘Open Economy’. And open banking is fast becoming a key ingredient in their recipe for innovation and economic diversification. Now, Bahrain might have been the first-mover in making open banking mandatory, but guess what? The UAE and Saudi Arabia are hot on their heels, gearing up to embrace the future of finance. Saudi Arabia, in particular, is witnessing a digital transformation of epic proportions in the banking industry, where open banking initiatives have triggered a phenomenal 30% surge in fintech adoption rates.Previously, we glimpsed the GCC’s overarching venture into open banking, where Saudi Arabia emerges as a heavyweight in driving Open Banking initiatives. Saudi Arabia’s Open Banking landscape is currently experiencing a symbiotic relationship between industry players and regulatory bodies. Market players, including traditional banks, data aggregators, and emerging fintechs, are actively exploring and implementing Open Banking solutions, driven by a growing demand for more integrated, customer-centric financial services. Simultaneously, Saudi regulatory authorities are playing a pivotal role in shaping this transformation by setting up innovation […]

This post is only available to members.

Already a subscriber? Log in to Access

Unlock this blog

Gain exclusive access to this blog alone.

Radar Subscription

Select a membership plan that resonates with your
goals and aspirations.

Not Ready to Subscribe?

Experience a taste of our expert research with a complimentary guest account.

We publish new research regularly. Subscribe to stay updated.
No spam. Only the best in class fintech analysis.



    Related Posts
    Table comparing retail banking services in Brazil between incumbent bank Itau and digital banks Nubank, Inter, and C6 Bank, showing checkmarks for available services.
    Complimentary Research
    A timeline infographic depicting the regulatory and market-driven adoption of open finance in the UAE from 2020 to 2025.
    Complimentary Research
    Infographic showcasing C6 Bank's ESG Impact, highlighting key metrics in environmental, social, and corporate governance initiatives.
    Complimentary Research
    Infographic showcasing a comparison of key metrics for leading Brazilian digital banks: Itaú, Nubank, Inter, and C6 Bank. Data includes client base, revenue, profitability, and more.
    Complimentary Research
    Infographic illustrating Banco Inter's retail product ecosystem, showcasing offerings across digital accounts, open finance, PIX payments, credit cards, lending, insurance, and investments.
    Complimentary Research
    Infographic design of Nubank's strategic expansion, investment, and diversification journey. Includes geographic expansion beyond Brazil and LATAM, investments in key players, and business model diversification beyond finance.
    Complimentary Research
    Select currency
    WS_Logo_-for-White-BG-01.png