The Banking Executive Magazine - July 2023 Issue

ISSUE 175 JULY 2023 the BANKING EXECUTIVE 55 FinTech and AI Chornicle Driven by its never-ending pursuit to enhance innovation and digital banking, Bank Albilad has com- pleted the technical permit require- ments to enable the open banking services according to the regulatory framework issued by the Saudi Cen- tral Bank “SAMA” with the aim of supporting the FinTech system in the Kingdom, being the first bank in Saudi Arabia to obtain the technical permit and enable the open banking services. Abdul-Aziz Al-Onaizan, CEO of Bank Albilad, has expressed his pride about the banking leadership of Bank Albilad and its completion of the technical permit requirements as the first bank in Saudi Arabia to enable the open banking services according to the regulatory framework issued by the Saudi Central Bank, which re- flects how Albilad elevates the bank- ing experience of the customers and enhances the competitiveness of the Bank towards innovative digital banking. Al-Onaizan added “We took the ini- tiative to enable the open banking services in order to support and en- able the FinTech system and innova- tion in the financial sector, as it is one of the pillars of the financial sec- tor development program emanating from the Kingdom's Vision 2030." The CEO of Bank Albilad has elabo- rated by saying “As we worked very hard since that time to contribute in achieving the objectives of the King- dom’s Vision 2030, we are pleased today to enable all segments of our customers to share their financial data securely with our partners from service providers and providers of new and innovative products, which improves the quality of the banking services and enables sharing finan- cial data”. It is worth mentioning that Bank Al- biad has opened the Innovation Cen- ter (HORIZON) on June 2022 AD, which is regarded as a step to en- courage innovation, FinTech, and en- trepreneurship towards creating connected environment that ensures the incubation of ideas and digital leading projects. This qualified Bank Albilad to keep pace with the regu- latory framework for open banking since it is issued by the Saudi Central Bank “SAMA” on November 2022 AD to include regulations, business rules, and technical standards that were developed according to the best global practices and to enable banks and FinTech companies to provide the open banking services in the Kingdom. BANK ALBILAD IS THE FIRST SAUDI BANK TO ENABLE THE OPEN BANKING SERVICES