Open Banking Saudi Arabia License is now at the centre of a major push in the Kingdom’s fintech landscape after a key regulatory milestone. The Saudi Central Bank (SAMA) has granted its first Major Payment Institution licence for open banking services to Lean Technologies, signalling a significant shift from pilot to full-scale operations in the country’s open banking framework.
Major Licence for Lean in KSA
SAMA’s decision allows Lean Technologies to offer regulated open banking services across Saudi Arabia, expanding its reach to serve merchants, small and medium-sized enterprises (SMEs) and millions of end users nationwide. Previously, the company operated under SAMA’s Regulatory Sandbox, where it tested its platform and built partnerships with regional fintech players, including Tabby, Tamasa, and Abdul Latif Jameel.
Lean’s CEO, Hisham Al-Falih, said the licence gives the company the regulatory standing and infrastructure needed to grow its services across key customer segments. The move is aligned with broader national objectives to develop a robust open banking ecosystem as part of Saudi Vision 2030, which aims to enhance digital financial infrastructure and promote innovation in financial services.
Strategic Expansion and Regional Footprint
Lean Technologies has been active in the wider Middle East and North Africa (MENA) fintech scene. In July 2025, it secured regulatory approval under the UAE’s Open Finance Framework, further strengthening its regional credentials and capability to deliver connected financial services. The company also completed a significant funding round in 2024, raising over $100M to support expansion and technology development.
The Saudi open banking licence positions Lean to extend its universal API infrastructure, enabling secure access to financial data and payments for businesses and end users. This includes services that help fintechs and financial institutions build products that connect directly with bank accounts, facilitating real-time payments and enhanced data services under regulated conditions.
Impact on Financial Services Landscape
SAMA’s licensing decision follows its broader initiative to open the Kingdom’s financial market to licensed open banking providers, supporting innovation and financial inclusion. By moving beyond sandbox experimentation into licensed operations, SAMA is encouraging a more competitive and collaborative financial services environment.
The licence awarded to Lean Technologies is a clear indicator of Saudi Arabia’s commitment to digital transformation in finance, reflecting a growing trend among regulators in the region to adopt open banking as a foundational element of modern financial infrastructure.
