Bank Abilad has become the first financial institution in Saudi Arabia to offer open banking services
The bank has completed the necessary technical requirements needed to obtain an pne banking permit from the Saudi Central Bank.
The bank's CEO Abdul-Aziz Al-Onaizan praised the development. “We took the initiative to enable the open banking services in order to support and enable the FinTech system and innovation in the financial sector, as it is one of the pillars of the financial sector development program emanating from the Kingdom's Vision 2030."
Vision 2030 is Saudi Arabia's economic reform plan, designed to diversify the kingdom's economy and lessen the reliance on oil-based revenues. A central feature of the plan is a greater focus on fintech.