Open Banking in KSA

In the rapidly evolving world of Open Banking, a collaborative effort between central banks, financial institutions, and fintech companies is crucial for enhancing customer satisfaction, reducing costs, and mitigating risks. Aligning with Saudi Vision 2030, the Saudi Central Bank (SAMA) is actively encouraging advancements in the financial sector.

Recently, less than a year ago, SAMA released the KSA Open Banking framework, a significant initiative that extends beyond traditional banking boundaries. This framework invites various fintech entities, including wallets, lending services, 'buy now, pay later' platforms, and technical service providers like ONFTECH, to participate in this digital transformation. The response from the banking and fintech community has been highly positive, demonstrating their readiness to embrace these new developments.

Initially, the focus of Open Banking in the Kingdom was on account query services. However, the scope has expanded to include transactional services, enabling consumers to perform a wide range of financial activities through a single application. These services include money transfers, bill payments, refunds, and innovative 'buy now, pay later' options, all streamlined through the open banking platform.

ONFTECH's contribution to this ecosystem is significant, particularly through its solution, OBridge. As a Saudi Payment certified Technical Service Provider (TSP), ONFTECH is simplifying the integration process for banks looking to participate in this ecosystem. OBridge is a comprehensive solution designed to meet the specific requirements of KSA Open Banking, featuring a Sandbox for testing, a Back Office suite, and an Internet Banking interface, thus ensuring a fast-track onboarding experience for banks.

With its commitment to innovation and enhancing the banking experience in the Kingdom, we as ONFTECH are poised to play a vital role in the digital transformation aligned with Saudi Vision 2030. This journey towards a more inclusive, efficient, and technologically advanced financial landscape marks a new chapter in the Kingdom's financial sector.

 

Osman Nuri Katib

Chief Executive Officer, ONFTECH