SBP releases draft Open Banking Regulations for public comment
The State Bank of Pakistan has released draft Open Banking Regulations and is seeking public feedback. Comments can be sent until November 30, 2026.
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- SBP released the draft Open Banking Regulations on Friday, October 30
- The draft covers consent-based data sharing and payments through authorized third-party providers
- Feedback is due by November 30, 2026
The State Bank of Pakistan (SBP) on Friday released draft Open Banking Regulations for public consultation. According to an SBP statement issued in Karachi, the aim is to encourage innovation, increase competition and widen access to efficient, customer-centric digital financial services in the country.
The draft is meant to give customers more control over their financial data through consent-based data sharing. It also allows business payments to be initiated through authorized Third-Party Providers (TPPs).
According to the SBP, the regulations are expected to help digitize business-to-business (B2B) and customer-to-business (C2B) payments. The central bank also said the draft is expected to enable consent-based sharing of financial data for credit assessments, which could improve financing access for small and medium enterprises and support financial products tailored to customers.
The SBP said the draft is aligned with international best practices and was informed by the outcomes of the first cohort of its Regulatory Sandbox on Open Banking. It includes safeguards for data protection, privacy, cybersecurity, fraud prevention and consumer protection.
ProPakistani noted that BankIslami's aik launched a Shariah-compliant open banking platform earlier this year.
The SBP has invited feedback from financial institutions, fintechs, technology providers, consumer groups, academia and the general public. The draft is available on the SBP website.
Comments can be submitted by November 30, 2026, by email with the subject line 'Feedback on Draft Open Banking Regulations'. They can also be sent by post to the Payment Systems Policy & Oversight Department, 4th Floor, SBP Building, I.I. Chundrigar Road, Karachi.
Why it matters
The proposed rules would change how bank customers in Pakistan share account data and use digital payment services. Businesses, especially SMEs, could see changes in access to financing under consent-based data sharing.
