Kuwait-based fintech Spare has obtained the KSA Open Banking certification, based on the Open Banking Framework released by the Saudi Central Bank . The Open Banking service provider permitted by the Regulatory Sandbox of the Saudi Central Bank (SAMA) will leverage the KSA certification to further develop its suite of services and to meet to requirements of KSA’s dynamic Open Banking ecosystem.

Spare will also strengthen its products in order to offer secure, seamless, and efficient Open Banking experiences and capabilities for customers of the Kingdom of Saudi Arabia. The certification enables the company to test its services within the Regulatory Sandbox, which was based on the Open Banking Framework released by SAMA. Spare will focus on streamlining Open Banking services in the region for partners and clients, as well as on finding new opportunities for the overall economic growth of the Kingdom, which aligns with KSA’s aims for its Vision 2030 plans.

In addition, the company will look for new partnerships and collaborations with various fintech institutions and banking entities for accelerating and improving the Kingdom’s Open Banking landscape. Recent Open Banking developments in Saudi Arabia At the end of May 2023, the UAE-based Open Banking platform Tarabut Gateway announced that it completed the KSA Open Banking certification. Following this announcement, the company also planned to launch new services and to further develop its offerings in the MENA region.

The Open Banking platform connects a regional network of banks and financial institutions by using a universal application programming interface (API). With the KSA license, Tarabut Gateway was set to launch its new Open Banking suite of solutions within the Regulatory Sandbox, based on the Open Banking Framework released by the Saudi Central Bank (SAMA). The news of Tarabut Gateway’s certification followed the company’s Series A funding round.

The investment was announced at the beginning of May 2023 and it was finished at USD 32 million. The funding round was led by Pinnacle Capital, a firm that focuses on KSA investments in order to provide alternative opportunities. By offering tools and products that allowed the facilitation and distribution of personalised financial services, Tarabut Gateway enabled FIs and banks to build new financial solutions in MENA.

Following this raise, the company was set to leverage the money on expanding its footprint in the Saudi market, foster strategic partnerships within the Kingdom, as well as to improve and develop its suite of Open Banking services. Earlier in November 2022, the Canadian Open Banking company Salt Edge expanded its services to Saudi Arabia in order to augment banks and financial institutions with its efficient products and further develop the process of digitalisation and automation in the region. .