SAMA Grants Malaa Licence as Saudi Open Banking Gathers Momentum

Abdelrahman Amr

Last updated 26-07-2026

3 min

SAMA has licensed Malaa to provide Account Information Services under Open Banking.

Licensed payment providers in Saudi Arabia now total 33.

Open Banking gives customers greater control over their financial data.

The move supports digital finance, innovation and broader financial inclusion.

Customers are urged to use authorised firms as fintech regulation gathers pace.

Saudi Arabia’s central bank, known as SAMA, has granted a new licence to Malaa Information Technology Company, allowing it to provide payment services through Account Information Services—one of the core pillars of Open Banking. With this move, the total number of licensed payment service providers in the Kingdom rises to 33.

At first glance, it may sound technical, but Open Banking is essentially about giving customers more control over their financial data. Through licensed providers like Malaa, users can securely access and manage their banking information across different platforms. In practice, that can mean smoother budgeting tools, smarter financial dashboards, and services that are, ideally, spot on when it comes to understanding spending habits.

SAMA said the decision forms part of its wider efforts to strengthen the payments sector and expand the digital financial ecosystem in Saudi Arabia. The central bank has been steadily pushing to boost innovation, increase efficiency in financial transactions and, importantly, support financial inclusion. That last point matters. For many founders I speak to across the region, access and ease of financial services can make or break early growth. A system that is less of a faff to navigate definitely helps.

The regulator also reiterated that its strategy focuses on broadening digital financial services and encouraging innovative solutions that cater to different segments of society. In other words, this is not just about fintechs adding shiny features. It is about building infrastructure that supports the Kingdom’s broader financial sector transformation agenda.

On the flip side, licensing brings responsibility. SAMA urged customers to deal only with authorised or licensed financial institutions and noted that consumers can verify approved entities through its official website. That reminder may sound routine, but in a fast-moving fintech environment, clarity and trust are everything.

For the startup ecosystem, each new licence is another signal that Saudi Arabia’s fintech scene is maturing. Thirty-three licensed payment firms is no small number, and it shows how seriously the regulator is taking digital finance. I reckon that as Open Banking frameworks settle in and more players like Malaa enter the market, we will start to see more specialised services tailored to SMEs and underserved segments—areas that still feel, well… a bit underexplored.

At Arageek, we often see how regulatory steps like this quietly shape the entrepreneurial landscape. They might not make splashy headlines, but they lay the groundwork for something bigger. And believe it or not, that groundwork is what often makes the differnce between a startup ecosystem that simply exists and one that genuinely thrives.

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