State Bank opens consultation on open banking draft rules
The State Bank of Pakistan has issued draft Open Banking Regulations for public input, seeking secure, consent-based data sharing and payment services through authorised third parties.
The State Bank of Pakistan has released draft Open Banking Regulations for public consultation.
Rules would require Account Holding Institutions to allow consent-based data access and payment initiation via authorised Third Party Providers.
Customer data would generally be stored and processed in Pakistan, with limited cloud outsourcing under an existing SBP framework.
The draft aims to support B2B and C2B payments and alternative credit assessments for merchants and SMEs.
SBP is inviting feedback from banks, fintechs, technology firms, consumer groups, academia and the public.