Open Banking

Open Banking

Open Banking is a new service introduced in the financial sector based on well-defined Open Banking framework. It aims to enable clients to share their financial information after providing their own consent to licensed Fintech’s in a secure way to take advantage of a wide range of products and services offered by various of service. Open Banking is designed to transform the financial services with the support of licensed Fintech’s.

Benefits of Open Banking

• Open Banking enhances opportunities for client to use various features and a variety of competitive services offered by listed Fintech’s.
• Quick onboarding with any listed Fintech & approves consent to share account financial details.
• Encouraging customers to leverage their financial transaction data to explore and adopt new methods of managing their money effectively.

Digital Activities

• Open Banking consent dashboard is available in SAB Digital Channels (SAB Mobile & SAB Online) where client is able to view and manage their account.
• Customers must register on a Fintech platform to use Open Banking benefits
• Customers approves their consent to share account details with a licensed Fintech for Open Banking services.
• Customers can revoke Open Banking permission at any time through SAB Online and SAB Mobile

Open Banking User Permission

• SAB customer must approve consent to share financial details for Open Banking services, it’s mandatory for client to approve consent.
• SAB customer can view all permission details on the consent management dashboard through SAB Mobile & SAB Online.
• Consent can be revoked by the user at any time, and the information will not be shared with other Fintech’s.
• Customers can view their account status & manage it.

Click here to view the list of approved Fintech companies.