SAMA commences licensing of Fintech companies to provide open banking services

The Saudi Central Bank (SAMA) has moved open banking out of its controlled testing environment and into a formal licensing regime, signalling that the framework has reached a level of maturity suitable for broader market adoption. This follows the completion of the sandbox phase, during which selected firms trialled open banking use cases under SAMA’s supervision.

The announcement issued on 26 March 2026 marks a notable step in the Kingdom’s wider efforts to modernise financial infrastructure under Vision 2030 and the National Fintech Strategy. 

A new supervised activity

With open banking now treated as a fully supervised activity, firms wishing to provide these services must obtain a licence from SAMA and demonstrate adherence to the established framework. This includes meeting requirements linked to API performance, data security, consent management, and governance standards. The intention is to create a technically consistent and operationally secure environment in which customer data can be shared between regulated entities. 

Alignment with national strategic objectives

The transition from sandbox testing to a licensing model is closely tied to the Kingdom’s broader digital financial agenda. Open banking has been identified as a foundational component of the National Fintech Strategy, supporting ambitions to expand access to financial services, encourage market competition, and enable new data driven products for both individuals and SMEs. These objectives complement Vision 2030’s emphasis on technological enablement and a more diversified financial sector. 

This shift has already translated into tangible market developments. Lean Technologies recently became the first firm to secure an open banking licence from SAMA, a milestone that reflects both the regulator’s confidence in the model and the growing maturity of the region’s financial infrastructure. Lean has established a strong reputation across the GCC for providing high performance, developer oriented APIs that support secure data access, payment initiation, and embedded finance solutions. Its licensing underscores two themes: technical strength, demonstrated through rigorous security practices and scalable infrastructure aligned with SAMA’s standards; and ecosystem enablement, as Lean’s connectivity tools allow banks, firms, and enterprises to accelerate product development and deliver more customer centric financial services. As the first licensee, Lean effectively sets a benchmark for other open banking providers in the Kingdom.

SAMA’s move to establish a full licensing framework for open banking is a pivotal step in shaping a secure, standardised, and innovation ready financial ecosystem in Saudi Arabia. This shift from controlled testing to a formal supervisory regime provides much needed regulatory clarity for market participants and will accelerate the development of data driven financial products across the Kingdom. 

Practical considerations for firms

The introduction of a formal licensing pathway brings with it a series of operational and compliance expectations. Firms entering the regime will need to:

1. Demonstrate institutional readiness, particularly around governance, risk management, cybersecurity, and operational resilience.
2. Ensure technical interoperability, including the ability to support secure, standards based APIs and robust data management practices.
3. Maintain transparent customer protection measures, especially around consent flows and data use.
4. Prepare for ecosystem growth, as early adopters of the framework may be better positioned as open banking services expand across the market.

Conclusion

The launch of the open banking licensing phase represents a meaningful progression in Saudi Arabia’s regulatory landscape. For firms, the focus now turns to readiness: reviewing internal frameworks, strengthening technical systems, and aligning with SAMA’s requirements. Those who take early steps to adapt are likely to benefit as open banking becomes further embedded in the Kingdom’s financial sector.

Our team continues to support clients on licensing, compliance, and operational matters arising from these developments. If you would like to discuss how the new framework affects your business or your market entry plans, please contact Tom Bicknell or Barkha Doshi.