SBP opens draft open banking rules to public, letting customers share data by consent
The State Bank of Pakistan has published draft Open Banking Regulations for public consultation, setting out rules that would let customers hand authorised third-party providers secure, consent-based access to their financial data and to initiate business payments.
The State Bank said the draft aims to foster innovation, sharpen competition and widen access to efficient, customer-centric digital financial services in Pakistan. It said the rules are expected to speed the digitisation of business-to-business and consumer-to-business payments, and to open up consent-based data sharing for uses such as stronger credit assessments, better access to financing for small and medium enterprises, and more tailored financial products.
The draft follows the first cohort of the State Bank's Regulatory Sandbox on Open Banking, whose results informed the proposals, and is aligned with international best practice, the central bank said. It also sets out safeguards covering data protection, privacy, cybersecurity, fraud prevention and consumer protection.
The State Bank framed the consultation as part of its strategic push to advance digital financial services through a more connected, inclusive and efficient financial ecosystem. The draft is open for public comment, according to Token Times.
