The state of Open Banking in the GCC: 2026 edition
Open Banking is transforming financial services globally and the GCC is no exception. At its core, Open Banking enables secure, consent-driven access to financial data (also referred to as account information) and payments (also referred to as Pay by Bank or Payment Initiation Services), allowing businesses to offer smarter, faster, and more customer-centric financial services. This enables use cases for account views, real-time payments, automated credit decisions, and seamless onboarding, all powered by secure APIs.
As a regulated Third-Party Provider (TPP), Spare helps businesses across the region leverage these capabilities, delivering secure, compliant, and scalable solutions for payments, data aggregation, and Open Finance.
Across the GCC, regulators and financial institutions are incorporating Open Banking in national initiatives in ways that reflect local needs and priorities while creating future opportunities for cross-border innovation and regional interoperability.
Saudi Arabia: SAMA regulatory sandbox
Saudi Arabia’s Open Banking ecosystem operates under the SAMA Regulatory Sandbox, designed to ensure security, interoperability, and consumer trust. The framework supports financial data and payments, for retail and corporate accounts
A number of Saudi banks are actively participating with Open Banking initiatives, laying the groundwork for future services.
For providers like Spare, Saudi Arabia offers the opportunity to deliver compliant and scalable solutions tailored to local requirements.
UAE: AlTareq framework
The UAE has implemented AlTareq, a regulatory framework that allows licensed TPPs to provide financial data and payments.
Several UAE banks, including Commercial Bank of Dubai (CBD), First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank (ADIB) are live with API-enabled Open Banking services, helping businesses integrate payments and financial data more effectively.
For businesses, this enables:
Real-time account-to-account payments
Enhanced risk insights for lending
Seamless integration with licensed TPPs such as Spare
The framework supports a robust ecosystem for Open Banking, enabling innovation across fintech, digital lending, and e-commerce.
Bahrain: early-mover foundations
Bahrain was the first GCC market to introduce Open Banking regulation, establishing early standards around APIs, secure data sharing, and licensed third-party access. Spare’s experience in Bahrain supports organisations operating in or expanding from early-regulated markets, enabling compliant access to Open Banking capabilities such as financial data, payments, and operational automation.
Kuwait: evolving regulatory groundwork
Kuwait is in the early stages of shaping its Open Banking and Open Finance ecosystem, with regulatory discussions and market readiness gradually gaining momentum. The Central Bank of Kuwait released the draft Open Banking Regulatory Framework in June 2025 to regulate data sharing between banks and authorized third-party providers (OBSPs) using APIs. While the framework gets formally released, local banks and fintechs are increasingly investing in digital infrastructure, laying the technical foundations required for future Open Banking initiatives. This includes improved API capabilities, enhanced customer consent mechanisms, and modernisation of payment rails.
For providers like Spare, Kuwait represents a market with strong long-term potential. As regulatory clarity continues to develop, businesses will be well-positioned to adopt Open Banking-enabled use cases such as account aggregation, data-driven decisioning, and streamlined payments.
Other GCC markets
Beyond the UAE, Saudi Arabia, Bahrain, and Kuwait, other GCC countries such as Oman and Qatar are gradually exploring and releasing Open Banking frameworks. Regulatory bodies in these markets are assessing international models and running early-stage initiatives focused on secure financial data sharing and digital payments.
While adoption remains at a pilot or exploratory stage, progress is steady. These markets are expected to advance over the coming years, creating opportunities for regional interoperability and multi-market Open Banking solutions as standards and regulations mature.
GCC outlook and summary
The GCC’s Open Banking ecosystem is maturing rapidly. By 2026, we expect continued expansion of API-enabled services, growing adoption of real-time and recurring payments where frameworks allow, and increased use of financial data for onboarding, lending, and operational efficiency.
The UAE operates under AlTareq, providing access to financial data and payments, while Saudi Arabia enables similar capabilities through the SAMA Regulatory Sandbox. Bahrain continues to build on its early regulatory foundations, with other GCC markets steadily gaining momentum.
Adoption is growing: more banks and licensed third-party providers are integrating Open Banking solutions, with pilot programs expanding across payments, account aggregation, and credit decisioning. This creates tangible opportunities for businesses to leverage financial data for improved efficiency, customer experience, and innovation. Partnering with a licensed TPP such as Spare ensures organisations can confidently navigate this evolving landscape with compliant, scalable, and regionally-ready Open Banking solutions.