KARACHI, Oct 30 (APP):The State Bank of Pakistan (SBP), Friday, released the draft Open Banking Regulations for public consultation, with the aim of fostering innovation, enhancing competition, and expanding access to efficient, customer-centric digital financial services in Pakistan.
The draft regulations, according to a SBP statement issued here, intend to empower customers with greater control over their financial data by enabling secure, consent-based data sharing and the initiation of business payments through authorized Third-Party Providers (TPPs).
The draft regulations are available on SBP’s website and the central bank, as part of the public consultation process, invited feedback from all stakeholders, including financial institutions, fintechs, technology providers, consumer groups, academia, and the general public, to help refine the proposed framework.
The regulations have been framed to facilitate the digitization of business-to-business (B2B) and consumer-to-business (C2B) payments, while enabling innovative uses of consent-based financial data sharing, including robust credit assessments, improved access to financing for small and medium enterprises (SMEs), and the development of tailored financial products and services.
The draft regulations are aligned with international best practices and informed by the outcomes of the recently concluded first cohort of SBP’s Regulatory Sandbox on Open Banking, it added, claiming that the draft regulations provide robust safeguards for data protection, privacy, cybersecurity, fraud prevention, and consumer protection. It also supports SBP’s strategic objective of advancing digital financial services through a more connected, inclusive, and efficient financial ecosystem.
SBP has fixed November 30, 2026, as the final date for receiving the feedback and comments may be submitted via email to psdpolicy@sbp.org.pk, with the subject line “Feedback on Draft Open Banking Regulations”, or by post to the Payment Systems Policy & Oversight Department, 4th Floor, SBP Building, I.I. Chundrigar Road, Karachi.
Source: APP (Associated Press of Pakistan)
