The State Bank of Pakistan (SBP) has released draft Open Banking Regulations for public consultation, proposing a framework that would allow authorized fintech companies and third-party providers to access customers’ banking data through secure, consent-based sharing.
The proposed regulations aim to promote financial innovation, increase competition, and improve access to digital financial services. They will also give customers greater control over their financial information while enabling authorized Third-Party Providers (TPPs) to initiate business payments with customer consent.
According to the central bank, the framework will support the digitization of business-to-business (B2B) and consumer-to-business (C2B) payments. It is also expected to improve credit assessments, expand financing opportunities for small and medium enterprises (SMEs), and encourage the development of customized financial products.
The draft regulations draw on international best practices and findings from SBP’s first Regulatory Sandbox cohort on Open Banking. They also include safeguards covering data privacy, cybersecurity, fraud prevention, and consumer protection.
SBP has invited financial institutions, fintech companies, technology providers, consumer groups, academia, and the general public to submit feedback by November 30, 2026. Stakeholders can share their comments through email or post with the Payment Systems Policy & Oversight Department.
