Open banking initiatives are gaining momentum across the Middle East as regulators seek to expand digital financial infrastructure and encourage fintech innovation. Licensing frameworks that move companies from sandbox experimentation into fully regulated operations are becoming a key step in scaling account-to-account payments and financial data connectivity.
The Saudi Central Bank, popularly known as SAMA, has officially issued its first Major Payment Institution license for open banking services to Lean Technologies. This landmark decision marks a significant turning point for the financial sector in the Middle East. The payments infrastructure company previously participated in the SAMA Regulatory Sandbox. This move from a controlled testing environment to a full operational license indicates a strategic shift from open banking experimentation to real-world applications. During its tenure within the sandbox, the firm established deep roots by partnering with influential regional fintech entities such as Tabby, Tamara, and Abdul Latif Jameel.
The company’s core objectives align closely with Saudi Arabia‘s Vision 2030 initiatives to expand digital financial infrastructure and foster economic diversification. Receiving this specific license provides the necessary regulatory standing to extend the reach of its infrastructure to thousands of merchants and millions of end users across the Kingdom. Hisham Al-Falih, the CEO of Lean Technologies, stated that this moment represents the official validation of their platform. He noted that the company now has the partnerships and regulatory backing to realise its vision at a scale the Saudi market deserves. This development follows a period of rapid regional expansion for the firm.
In July 2025, Lean Technologies received regulatory approval under the Open Finance Framework in the United Arab Emirates. The company also secured substantial financial backing by raising $ 67.5 million in a Series B funding round in 2024. This capital and regulatory momentum allow the firm to provide comprehensive account-to-account payments and data aggregation services to tens of thousands of small and medium enterprises. By establishing a regulated foundation for open banking, SAMA is fostering a more competitive and innovative financial environment. This license is expected to accelerate the adoption of digital financial services and reduce the historical reliance on cash transactions within the Saudi economy. The transition of Lean Technologies from the sandbox to a Major Payment Institution highlights the maturity of Saudi Arabia’s regulatory framework. It demonstrates the central bank’s commitment to nurturing local fintech talent while maintaining rigorous standards for security and consumer protection. As the Kingdom continues to execute its digital transformation strategy, the role of infrastructure providers becomes increasingly vital. These entities serve as the technical bridge between traditional financial institutions and modern digital services. This milestone confirms that the future of Saudi finance is built on open, secure, and interoperable systems that prioritise user control and financial transparency.
Key takeaways
- The Saudi Central Bank (SAMA) has granted its first Major Payment Institution license for open banking services to Lean Technologies
- The company previously participated in the SAMA Regulatory Sandbox before transitioning to full regulatory approval
- The license allows Lean Technologies to expand account-to-account payment and data infrastructure across Saudi Arabia
- The platform already partners with regional fintech companies including Tabby, Tamara, and Abdul Latif Jameel
- The development supports Saudi Arabia’s Vision 2030 strategy to strengthen digital financial infrastructure
- Lean Technologies previously secured $67.5 million in Series B funding and regulatory approval under the UAE Open Finance Framework
- The move signals growing regulatory maturity and accelerating adoption of open banking in the Kingdom
Photo by Akhilesh Sharma on Unsplash
