Spare, an open banking service provider authorized within the regulatory sandbox of the Central Bank of Saudi Arabia, announced that it has successfully completed the technical clearance in accordance with the regulatory framework for open banking issued by the Central Bank of Saudi Arabia. This step confirms Spare's position as a leading service provider in the rapidly growing open banking ecosystem in the Kingdom.

The authorization granted underscores Spare's continued commitment to regulatory compliance, innovation, and customer focus. And by fulfilling all requirements and requirements of the Central Bank of Saudi Arabia, Spare has succeeded in confirming its credibility as a reliable partner to provide open banking services that are characterized by security, transparency and innovation to customers in the Kingdom of Saudi Arabia.

In addition, this permit allows Spare to implement and test premium open banking services under the umbrella of the legislative pilot environment and in accordance with the regulatory framework for open banking issued by the Central Bank of Saudi Arabia.

Commenting on this important step, Dalal Al Rayes, CEO and co-founder of Spare, said: “Obtaining the technical clearance not only demonstrates the extent of our relentless efforts to implement open banking services in the region, but is also a recognition of our primary mission to provide secure and innovative solutions for banking services. Open banking is in line with the strategic priorities in accordance with the Saudi Vision 2030. This is an important step in our journey towards the future, and we look forward to the promising opportunities that we will work on.”

It is worth noting that Spare joined the legislative experimental environment of the Central Bank of Saudi Arabia during the year 2022 AD to provide open banking services. The Saudi Central Bank had launched the legislative pilot environment initiative in 2018 to support local, regional and international financial technology companies and institutions wishing to benefit from existing and emerging technologies in providing innovative financial solutions and services to the Saudi market.

Spare is keen to cooperate with various financial and banking institutions specialized in financial technology to enhance the open banking system in the Kingdom. And through safe and smooth communication between financial institutions and financial technology companies, Spare seeks to discover promising new opportunities and stimulate economic growth, in accordance with the goals of the ambitious National Vision 2030 of the Kingdom of Saudi Arabia.