Newsroom

Salt Edge Expansion to Saudi Arabia

December 5, 2022

Oli Platt

Product and Marketplace Manager

Naya One is pleased to announce that one of our partners, Salt Edge – a global leading open banking technology provider, has launched its services in the Kingdom of Saudi Arabia.

Saudi Arabia has set aspirational and transformative goals of economic, social, and cultural diversification through a strategic framework called Vision 2030. As a part of the Vision 2030 transformation agenda, the Saudi Central Bank (SAMA) has conceptualised an overarching fintech strategy in the region and open banking is the latest initiative of the strategy.

SAMA considers open banking as a key driver of financial inclusion and released Open Banking Framework at the beginning of November, obliging financial institutions to offer account information APIs by the end of 2022 and adopt payment initiation APIs by March 2023. Saudi Arabia is expected to be a frontrunner in the fintech sector through its open banking initiative and support from the government, regulators and a massive demand for digital financial services. The initiative is expected to rapidly catalyse new forms of collaboration between banks, tech infrastructure providers and customer-facing third party providers (TPPs).

NayaOne offers a flexible, scalable and secure Innovation Stack to facilitate the implementation of open banking in the region and catalyse frictionless and accelerated collaborations among the financial ecosystem participants. We are pleased to support Salt Edge’s entry into the region by bringing complementary infrastructure tools such as synthetic datasets and application sandbox to allow rapid experimentation and evaluation of open banking use cases.

Salt Edge is a one-stop shop with a range of open banking solutions: a gateway for accessing 5,000+ banks globally for account information and payment initiation, and the Open Banking Compliance solution that helps KSA banks become compliant in 3 months only. Using NayaOne platform, the financial industry in Saudi Arabia can access Salt Edge’s Sandbox to evaluate the Open Banking APIs. This can be achieved by using the data available on the NayaOne Data marketplace with the APIs to test both open banking workflows seamlessly.

While helping out businesses across the globe to set their strategy in leveraging open banking, we understood that all of it might often seem like a regulatory and technological burden for institutions. That’s why together with our partners including NayaOne, we’re committed to guiding MEA financial institutions towards a seamless open banking compliance journey.

Alina Beleuta

Chief Growth Officer at Salt Edge

We are excited to be partnering with Salt Edge to support financial institutions with its Open Banking Compliance Solution — a full-service environment for banks and EMIs to meet the strictest regulatory requirements in a matter of weeks. It’s thrilling to see how our partners expand into different regions and share a similar motto with NayaOne on the expansion goal to build the future of finance with partnerships.

Oli Platt

Product and Marketplace Manager at NayaOne

About Salt Edge

Salt Edge is a leader in Open Banking, building API solutions that empower businesses in GCC and globally to create smart services for their customers. The company is a one-stop shop with a range of Open Banking solutions: a gateway for accessing 5,000+ banks globally for account information and payment initiation, and Open Banking Compliance solutions that help KSA banks become compliant in 3 months only. ISO 27001 certified and Open Banking licensed in the UK, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company offers its services in Europe, GCC, Americas, and beyond.