مجلة آفاق للبحوث والدراسات
Volume 9, Numéro 2, Pages 306-331
2026-07-31
Open Banking: Opportunities And Challenges – The Experience Of Saudi Arabia
Authors : Hadjila Asma .
Abstract
Abstract: This study examines open banking as a key outcome of digital transformation in the financial sector and analyses its opportunities and challenges, with a focus on Saudi Arabia as a practical example in the Middle East and North Africa region. The study adopts a descriptive–analytical approach by reviewing the conceptual and regulatory framework of open banking and analysing the roles of the main actors within its ecosystem. It also highlights the opportunities it offers to customers, banks, and fintech companies, as well as the challenges associated with its implementation. The findings indicate that open banking can promote financial innovation, enhance customer experience, support financial inclusion, and improve the efficiency of banking services. However, its success depends on the availability of clear regulatory frameworks, secure digital infrastructure, and an appropriate balance between data accessibility and protection. The Saudi experience shows significant progress in building a supportive ecosystem for open banking in line with Vision 2030.
Keywords
Financial Technology ; Open Banking ; Application Programming Interfaces APIs ; Third Parties ; Saudi Arabia
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