SBP releases draft Open Banking Regulations for public consultation

October 31, 2026 (MLN): The State Bank of Pakistan (SBP) has released draft Open Banking Regulations for public consultation, aimed at fostering innovation, strengthening competition and widening access to efficient, customer-centric digital financial services in the country.

The draft rules seek to give customers greater control over their financial data by enabling secure, consent-based data sharing and the initiation of business payments through authorized Third-Party Providers (TPPs), according to a press release issued by the bank.

The regulations are expected to help digitize business-to-business (B2B) and consumer-to-business (C2B) payments.

They would also enable new uses of consent-based data sharing, including stronger credit assessments, better access to financing for small and medium enterprises (SMEs), and the development of tailored financial products and services.

The central bank said the draft is in line with international best practices and draws on the outcomes of the recently concluded first cohort of its Regulatory Sandbox on Open Banking.

It provides safeguards for data protection, privacy, cybersecurity, fraud prevention and consumer protection.

The SBP said the framework supports its strategic objective of advancing digital financial services through a more connected, inclusive and efficient financial ecosystem.

As part of the consultation, the bank has invited feedback from financial institutions, fintechs, technology providers, consumer groups, academia and the general public to help refine the proposed framework.

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