Alinma Bank collaborates with SingleView in Saudi Arabia

Saudi Arabia-based Open Banking API provider SingleView has partnered with Alinma Bank to provide Open Banking solutions to corporates, institutions and individuals in the Kingdom.

SingleView will provide clients of Alinma Bank with financial management services, giving corporates, institutions and individual customers the ability to make more informed financial decisions.

SingleView is one of the companies that has received authorisation within the regulatory sandbox operated by the Saudi Central Bank (SAMA).

Abdulrhman Al-Arifi, SingleView’s chief executive officer, said: “It is a great pride to have such progress, emphasizing the company’s commitment to being among the pioneers of Open Banking services in Saudi Arabia.”

He added: “The partnership with Alinma Bank is expected to enhance the adoption of Open Banking services, ultimately improving the quality of financial services provided to customers in the Kingdom.”

SAMA issued its Open Banking Framework, including a “comprehensive” set of legislation, regulatory guidelines and technical standards, in November 2022.

Banks and fintechs has to be ready to launch Open Banking services within the first quarter of 2023.

The central bank also permitted a number of fintechs to provide Open Banking services under the umbrella of the ‘SAMA Regulatory Sandbox’.