SBP Unveils Open Banking Regulations to Enhance Fintech Access in Pakistan

ISLAMABAD: The State Bank of Pakistan (SBP) has introduced draft Open Banking Regulations aimed at facilitating access to banking data for authorized fintech companies and third-party providers. This initiative, which is currently open for public consultation, seeks to establish a secure, consent-based framework for sharing customer banking information.

The proposed regulations are designed to foster financial innovation, enhance competition among service providers, and broaden access to digital financial services across the country. An SBP spokesperson emphasized that these regulations will empower consumers by giving them more control over their financial data while encouraging the growth of the fintech sector.

This move is expected to significantly impact the financial landscape in Pakistan, enabling a more inclusive economy where digital financial services can thrive. By allowing fintech companies to access banking data, the SBP aims to create a more competitive environment that could lead to better services and lower costs for consumers.

As the public consultation period progresses, stakeholders from various sectors are encouraged to provide feedback on the draft regulations. The SBP plans to review the input received and finalize the regulations in the coming months, paving the way for a more integrated financial ecosystem.