The State Bank of Pakistan (SBP) wants banks and financial institutions to allow customers to securely share their financial data with authorised fintech companies and other service providers under a proposed open banking framework.
The central bank has released draft Open Banking Regulations for public consultation and invited stakeholders to submit feedback by November 30, 2026.
The proposed framework would allow customers to authorise third-party providers (TPPs) to access their financial information and initiate business payments through secure digital channels.
The move aims to increase competition, encourage financial innovation, and give customers access to more digital banking services.
What SBP Wants to Introduce
Under the proposed regulations, customers would have greater control over their financial data and could permit authorised third-party providers to access it with their consent.
The framework also aims to make business-to-business (B2B) and consumer-to-business (C2B) payments easier through digital channels.
SBP expects the system to help fintech companies and financial institutions develop better credit assessments, improve financing access for small and medium-sized enterprises (SMEs), and offer financial products based on customers’ needs.
Data Protection and Security Rules
The draft regulations include requirements covering customer privacy, data protection, cybersecurity, fraud prevention, and consumer protection.
According to SBP, the proposed framework has been developed in line with international practices and incorporates findings from the first cohort of its Regulatory Sandbox on Open Banking.
Open banking has already started taking shape in Pakistan. BankIslami’s aik launched an open banking platform earlier this year.
How to Submit Feedback
SBP has invited banks, fintech companies, technology providers, consumer groups, academics, and members of the public to review the draft regulations.
Stakeholders can submit their comments by November 30, 2026, through email using the subject line “Feedback on Draft Open Banking Regulations.”
Feedback can also be sent by post to the Payment Systems Policy & Oversight Department, 4th Floor, SBP Building, I.I. Chundrigar Road, Karachi.
