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
    Infographic design showing the many market moves focused on propelling open banking in Saudi Arabia across a timeline from 2022-2024.
    Complimentary Research
    Infographic design showing the pyramid scheme of Credit Line on UPI (CLOU) value chain, as part of the Global Fintech Fest (GFF) 2024.
    Complimentary Research
    Infographic designs showcasing the embedded lending moves of Q1 and Q2 2024 focused on SMEs.
    Complimentary Research

    Cash Flow Lifeline: Embedded Finance for SMEs Imagine a burgeoning entrepreneur, their independent bookstore teeming with life. The latest bestsellers...

    Infographic design showcasing a timeline of regulatory and licensing events pertaining to the crypto landscape in the UAE in H1 2024.
    Complimentary Research

    How the UAE is Unlocking the Potential of Crypto In recent years, the United Arab Emirates (UAE) has emerged as...

    Infographic design depicting the timeline of market events shaping Canada's Open Banking landscape.
    Complimentary Research

    Canada Open Banking: Glacial Pace or Strategic Patience? Canada, a nation renowned for its politeness and measured approach, has finally...

    Infographic design of Apple's Pay Later shift, highlighting how it's going from its solo-approach to partner with BNPL players and more to offer flexible payments.
    Complimentary Research

    Apple’s Strategic Shift in BNPL This is a quick look at Apple’s strategic shift from building its own BNPL solution...

    Select currency
    WS_Logo_-for-White-BG-01.png