The State Bank of Pakistan (SBP) published the draft Open Banking Regulations for public review on 30 October.
These proposed rules aim to give customers more authority over their financial information by facilitating secure, consent-based data sharing and allowing the start of business payments via authorised Third-Party Providers (TPPs). The central bank stated that the draft aligns with international standards and incorporates findings from the first cohort of the SBP’s Regulatory Sandbox on Open Banking.
According to the SBP, the regulations include comprehensive protections for cybersecurity, fraud prevention, privacy, and consumer safety. The SBP said the framework supports its strategic goal of developing a more efficient and inclusive financial ecosystem through advanced digital services.
Stakeholders, including technology providers, fintechs, academia, consumer groups, and financial institutions, are invited to provide feedback on the draft, which is hosted on the SBP website.
Interested parties can submit their comments by 30 November via email to [email protected] using the subject line “Feedback on Draft Open Banking Regulations”. Alternatively, feedback can be sent by post to the Payment Systems Policy & Oversight Department on the 4th Floor of the SBP Building on I.I. Chundrigar Road in Karachi.
