Spare acquires KSA license

Spare, an Open Banking Service Provider authorized by the Saudi Central Bank’s Regulatory Sandbox (SAMA), proudly announced the acquisition of the KSA Open Banking certification, which is based on the esteemed Open Banking Framework. This achievement stands as a testament to Spare’s unwavering dedication to regulatory compliance, innovation, and customer-centric services. By meeting SAMA’s stringent criteria, Spare solidifies its reputation as a reliable partner, committed to delivering secure, transparent, and groundbreaking Open Banking experiences for consumers in the Kingdom of Saudi Arabia.

The KSA Open Banking certification empowers Spare to deploy and test its distinctive Open Banking services within the Regulatory Sandbox, adhering to the Open Banking Framework established by SAMA. This designation provides a platform for Spare to explore and showcase its innovative solutions, propelling the Kingdom’s Open Banking landscape towards greater maturity and advancement.

Dalal AlRayes, CEO & Co-Founder of Spare, expressed her enthusiasm for this accomplishment, stating, “Obtaining the KSA Open Banking Certification not only demonstrates our relentless efforts to drive Open Banking adoption in the region, but also pays tribute to our mission of offering secure and innovative Open Banking solutions in alignment with the strategic goals outlined in the Saudi Vision 2030. This marks a significant milestone in our journey, and we are excited about the opportunities that lie ahead.”

With a strong commitment to collaboration, Spare aims to partner with various FinTech institutions and banking entities, seeking to accelerate the development and progress of the Kingdom’s Open Banking landscape. Through such partnerships, Spare strives to play a pivotal role in shaping the future of financial services in Saudi Arabia.