• Published on 3 July 2023
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Spare obtains KSA open banking certification

Spare, an open banking service provider permitted by the Regulatory Sandbox of the Saudi Central Bank (SAMA) announced that it has successfully obtained the KSA open banking certification based on the open banking framework.

This exceptional recognition cements Spare’s status as a trailblazer within KSA’s dynamic open banking ecosystem.

The KSA open banking certification serves as a testament to Spare’s ongoing commitment to regulatory compliance, innovation, and customer-centric services. By fulfilling SAMA’s rigorous criteria, Spare strengthens its credibility as a trusted partner in delivering secure, transparent, and revolutionary open banking experiences for consumers in the Kingdom of Saudi Arabia.

Furthermore, the certification allows Spare to deploy and test its unique open banking services within the Regulatory Sandbox and based on the open banking framework released by SAMA.

Dalal AlRayes, CEO and co-founder of Spare, said: “Obtaining the KSA open banking certification not only shows our diligent efforts to drive open banking adoption in the region, but also a tribute to our mission to provide safe and innovative open banking solutions in line with strategic priorities set in the Saudi Vision 2030. This is a huge step forward in our path, and we are elated about the opportunities that this will provide.”

It is worth noting that in 2022, Spare joined the SAMA Regulatory Sandbox environment to provide open banking solutions. SAMA introduced the Regulatory Sandbox initiative in 2018 to promote local, regional, and international fintech institutions and companies seeking to leverage existing and emerging technology to offer innovative financial solutions and services to the Saudi market.

Spare is keen on collaborating with various fintech institutions and banking entities to accelerate the maturity of the Kingdom’s open banking landscape. By fostering seamless and secure interactions between financial institutions and fintech innovators, Spare seeks to discover new opportunities and stimulate economic growth, aligning with KSA’s ambitious Vision 2030 goals.

Re-disseminated by The Asian Banker