Saudi Arabia unveils open banking framework

Saudi Arabia unveils open banking framework

Saudi Arabia unveils open banking framework

Saudi Arabia's central bank has published an open banking framework, setting out legislation, regulatory guidelines and technical standards.

Open banking could be the disrupter we need to force a competitive financial market.

What is open banking? Basically, it forces banks to make customer information more easily accessible. That means you can shop around, leading to greater competition.

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How the open banking ecosystem supports security and counter-fraud measures

Specialist forums like the Security and Fraud Working Group help participants assess their defences and strengthen the fight against fraud.

The Emergence of Open Banking in Web 3.0

Cryptocurrencies are becoming increasingly embedded in the global financial system which has resulted in government authorities keeping a closer eye on decentralized solutions. Until now, there has been a lack of infrastructure for regulators and banks to test the proper framework for a harmonious blockchain-banking-based financial services industry.
Thanks to the API3 & Open Bank Project partnership, the sector is ripe for standardization and ready to be incorporated into mainstream consumer financial technologies – a process which can be powered by both financial institutions and Web 3.0.
Join the Open Bank Project and API3 to find out how traditional finance and blockchain usage will converge to create a new generation of blockchain banking-based offerings.

– Open Banking data and capabilities will be directly available to the Web 3.0 ecosystem
– Blockchains and dApps could benefit by incorporating digital banking services and vice versa
– Financial institutions will be able to engage with a previously inaccessible ecosystem of blockchain developers
– Regulatory standardization is imminent for a secured connection between off-chain data and the Web 3.0
– For the first time in the history of blockchain, institutional involvement in the Web 3.0 space has acquired a significant stake in the web3.0, thus assuring an inevitable path towards consumer adoption
– Tech-sprints will serve as a catalyst of a market-led push for embedding blockchain based financial services into mainstream consumer choices

About the Speakers
Simon Redfern, CEO, Open Bank Project
Simon Redfern is the founder of the Open Bank Project and CEO of TESOBE Gmbh. He describes himself as a hacker at heart and spends the majority of time working with Scala on Open Bank Project related activities. Simon has worked as a software developer, architect, sysadmin, DBA, and CTO of numerous web/mobile platforms and is a keen supporter of open source and open data.

Raul Nava Salazar, FinTech Director, DAI Consulting
Raul Nava Salazar is the FinTech Director at DAI Consulting working with a Mexico Financial Services program sponsored by the UK Prosperity Fund. In this role, he develops projects related with the implementation of the FinTech law in collaboration with the National Banking and Securities Commission – CNBV- particularly in the open finance and financial innovation areas. Previously, Raul was a Regulatory Development Director at CNBV where he participated in the development of secondary regulation of the FinTech Law.

Francisco Montenegro, Head of LatAm & Blockchain initiatives, Open Bank Project
Francisco Montenegro is the Head of Latin America & Blockchain Initiatives at the Open Bank Project. Over the last 8 years, he has performed in different roles as a financial advisor, business developer, project manager, and strategic adviser in different companies. His most recent venture in open banking was working alongside regulators and the banking sector to define national standards in Mexico. He has lived and worked in the United States, Spain, Germany, Latvia, Lithuania, El Salvador, and Mexico.

Heikki Vänttinen, Co-Founder, API3
Heikki Vänttinen is the co-founder of API3, a DAO-governed oracle project building API-connectivity to Web 3.0. He is passionate about connecting the real world and decentralized web.

Robert Rico, Esq., Open Banking lead, API3
Robert Rico is the open banking lead at API3. He has worked in API3’s legal department and business and enterprise development efforts. Robert is a licensed attorney in the State of California where he focuses in the areas of blockchain, data privacy, and fintech laws. He is passionate in helping solve the API connectivity problem for the Web 3.0’s global adoption.

The 3rd Open Banking Forum KSA Highlights

The most highlighted moments from the 3rd Open Banking Forum in KSA
Open Banking Forum aims to serve as the platform to discuss the remedy for POST-COVID Banking challenges.
This event has had the presence of decision-makers representing the regional central banks and top banking and financial institutions.

#conference #csevents #openbank #openbanking #openbankingksa #3rdopenbanking

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