SBP Open Banking Regulations: Big Step for Fintech, Feedback by 30 November
The State Bank has published draft Open Banking Regulations for public consultation, with comments due by 30 November 2026.
The SBP open banking regulations, released by the State Bank of Pakistan as a draft, would let customers share their bank data, with their consent, with authorised Third-Party Providers (TPPs) such as fintech apps, and let those providers start payments for businesses. SBP published the draft on 30 October 2026 and has invited public comments until 30 November 2026.
SBP open banking regulations at a glance
| Item | Detail |
|---|---|
| Issued by | State Bank of Pakistan |
| Status | Draft, open for public consultation |
| Released | 30 October 2026 |
| Feedback deadline | 30 November 2026 |
| Core idea | Consent-based sharing of customer financial data and payment initiation through authorised Third-Party Providers |
| Payments targeted | Business-to-business (B2B) and consumer-to-business (C2B) |
| Safeguards covered | Data protection, privacy, cybersecurity, fraud prevention, consumer protection |
What is open banking?
Open banking means your bank can share your account information, or let a payment be started from your account, with another licensed company, but only when you give permission. For example, a lending app could read your account history to assess a loan, or an accounting app could pay a supplier directly from a business’s bank account.
What the draft proposes
- Customer control: data is shared only with the customer’s consent.
- Authorised providers: only Third-Party Providers authorised under the framework can access data or initiate payments.
- Digital payments: the rules aim to digitise B2B and C2B payments.
- Better lending: consent-based data could help credit assessment, SME financing and tailored financial products.
- Built on the sandbox: the draft draws on SBP’s first Regulatory Sandbox cohort on open banking and international practice, according to SBP.
How to send feedback
SBP has invited banks, fintechs, technology firms, consumer groups, academics and the general public to comment. Feedback can be emailed with the subject “Feedback on Draft Open Banking Regulations” (the address is in SBP’s notice on its website) or posted to the Payment Systems Policy & Oversight Department, 4th Floor, SBP Building, I.I. Chundrigar Road, Karachi, by 30 November 2026.
What it means for users and fintechs
For customers, the main benefit is choice: apps could offer budgeting, lending or payment services using bank data, without customers having to share passwords or screenshots. The risk is misuse of data, which is why consent, licensing and cybersecurity rules sit at the centre of the draft. For fintechs, final rules would create a formal route to bank data that currently depends on one-off deals with banks. SBP has been pushing digital finance on several fronts, including its SMEConnect portal for SME loans and new rules on bank investment in startups. Never share banking passwords or one-time codes with anyone; see our guide on cyber fraud in Pakistan.
Key open banking terms explained
| Term | Meaning |
|---|---|
| Open banking | Sharing your bank data, or starting payments from your account, through another licensed company with your permission |
| Third-Party Provider (TPP) | A licensed fintech or company allowed to access data or initiate payments under the framework |
| Consent | Your clear permission, which decides what data is shared, with whom and for how long |
| API | The secure technical link through which a bank shares data with an authorised provider |
| Payment initiation | A provider starting a payment from your bank account on your instruction |
Example: how open banking could work for you
Here is an illustration, not a product that exists yet. A shopkeeper applies for a small business loan through a lending app. Instead of uploading six months of bank statements, she approves a one-time request in her bank app to share her transaction history with the lender. The lender assesses the loan faster, and she can withdraw the permission later. Under the SBP open banking regulations, only authorised providers could make such requests, and only with her consent.
The same approach could let an accounting app pay a supplier directly from a business account, which is the B2B payment use SBP highlights in the draft.
Frequently asked questions
Are the open banking rules in force?
No. They are a draft for consultation. SBP will finalise them after reviewing feedback.
Will apps be able to see my bank account without permission?
No. The draft is built on customer consent and limits access to authorised providers.
Sources: State Bank of Pakistan statement of 30 October 2026, reported by APP and Daily Times; draft regulations on the SBP website.
