SAMA Open Banking Framework

What is the SAMA Open Banking Framework?

The SAMA Open Banking Framework is a regulatory initiative launched by the Saudi Arabian Monetary Authority (SAMA) to promote innovation, competition, and customer empowerment in Saudi Arabia’s financial sector. It establishes standardized Application Programming Interfaces (APIs) that enable banks, fintechs, and third-party providers to securely share financial data with customer consent.

The framework aims to create a modern, digital-first financial ecosystem while ensuring compliance, security, and consumer protection.

Why the SAMA Open Banking Framework Matters

The framework is important because it:

  • Empowers customers to control their financial data and use new services

  • Encourages fintech innovation by opening access to banking systems

  • Enhances competition in the financial sector

  • Supports compliance with data privacy and security regulations

  • Promotes financial inclusion through new digital products and services

Key Components of the SAMA Open Banking Framework

  1. API Standards – Common technical specifications to ensure secure and interoperable data exchange

  2. Customer Consent – Mechanisms to guarantee data is only shared with explicit user approval

  3. Data Security – Encryption, authentication, and monitoring requirements to safeguard customer information

  4. Operational Guidelines – Rules for onboarding fintechs, managing risks, and ensuring fair competition

  5. Regulatory Oversight – SAMA supervision to enforce compliance and resolve disputes

Example in Practice

A customer authorizes a fintech budgeting app to access their bank account data through APIs under the SAMA framework. The fintech can securely pull transaction history to provide spending insights, while the bank ensures compliance with SAMA’s open banking standards.

SAMA Open Banking Framework vs. Global Open Banking

  • SAMA Framework – Tailored for Saudi Arabia’s financial market and Vision 2030 digital transformation goals.

  • UK Open Banking / EU PSD2 – Pioneering models that inspired SAMA but operate under different regulatory regimes.

How VComply Can Help

VComply enables financial institutions to meet SAMA Open Banking Framework requirements by:

  • Centralizing compliance management for API standards and customer data protection

  • Automating monitoring of fintech third-party risks and vendor compliance

  • Tracking consent management and policy enforcement across systems

  • Providing audit-ready evidence for regulatory inspections

  • Supporting governance frameworks to ensure accountability across open banking operations

With VComply, banks and fintechs can securely implement open banking, maintain regulatory compliance, and build customer trust.