Saudi Arabia’s SAMA grants Lean Technologies approval to operate open banking services, marking a key step in the Kingdom’s fintech and data sharing ecosystem.
The Saudi Central Bank has granted approval to Lean Technologies to operate open banking services in Saudi Arabia, marking a significant milestone in the Kingdom’s push to build a regulated and innovation driven financial ecosystem.
Lean Technologies is among the first fintech firms to receive authorization to provide open banking solutions under SAMA’s regulatory sandbox, enabling it to securely access and share financial data between banks and third party providers. While widely described as a “first” in market narratives, the approval is technically part of SAMA’s phased rollout of open banking through controlled regulatory environments rather than a full standalone commercial license.
The company, founded by Hisham Al Falih, develops API based infrastructure that allows businesses to connect directly to bank accounts, enabling services such as account aggregation, payments initiation, lending, and personal finance tools. Its platform is already used by a range of fintechs and enterprises across the region, with more than 350 clients and over 500,000 connected accounts.
SAMA’s move is part of a broader strategy to accelerate fintech innovation under Vision 2030, with open banking identified as a core pillar of the Financial Sector Development Program. The regulator launched its Open Banking Program to standardize data sharing, enhance competition, and enable new digital financial services across the Kingdom.
Saudi Arabia has been steadily expanding its regulatory sandbox since 2018, allowing fintech companies to test products in a controlled environment. The number of permitted fintechs has grown significantly, with dozens of companies now operating under SAMA’s supervision. This framework has played a key role in fostering innovation while maintaining financial stability and consumer protection.
The introduction of open banking is expected to transform the Kingdom’s financial landscape by enabling secure data portability and reducing reliance on legacy banking systems. Industry use cases include instant payments, automated lending decisions, digital wallets, and improved financial planning tools, all powered by real time access to banking data.
Lean Technologies’ approval positions it alongside other regional players such as Tarabut Gateway, which have been building infrastructure to support open banking adoption across the Middle East. These platforms are increasingly becoming critical enablers of fintech growth, allowing startups and enterprises to build scalable financial services without direct bank integrations.
While SAMA has not labeled the approval as a full commercial license, the move represents a foundational step toward a fully regulated open banking ecosystem in Saudi Arabia. As the framework matures, additional licenses and broader market participation are expected, further accelerating the Kingdom’s ambitions to become a leading fintech hub in the region.
