Standard Chartered Introduces API for Financial Sector of Saudi Arabia

Standard Chartered Introduces API for Financial Sector of Saudi Arabia
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Standard Chartered a global bank drives commerce and prosperity across its working markets. It also helps people and companies to succeed and create wealth to expand their businesses. It serves Asia, Africa and Middle East markets and Saudi Arabia is one of their mainstream markets.

Saudi Arabia-based Standard Chartered Bank introduced an API (application programming interface) to cater the growing financial requirements of Saudi customers. The API will enhance the ability of Bank to amplify value for its consumers as its partners and clients can share and integrate data in a secured way allowing creation of new financial services.

Businesses across all industries in the country will now be able to connect into a variety of new capabilities, in keeping with the Saudi Arabia Kingdom’s Vision 2030 and the country’s objective to be a regional digital hub by promoting digitalization and innovation across the country’s banking and financial sectors. The new financial services improvements include banking capabilities integration into ERP operations, treasury digitization, digital business model implementation, automated reconciliation, process automation, and point-to-point integration empowerment.

API launch will also be significant for recent open banking policy of Saudi Arabia that will be implemented in 2022. The open banking policy looks forward to building an ecosystem with the financial institutions of the Kingdom to develop an optimal open banking framework.

Dr. Boutros Klink, CEO of Bahrain & the Middle East, Standard Chartered Bank, stated, “Saudi Arabia is a core part of Standard Chartered Group’s strategic footprint in the Middle East region. The launch of our application programming interface/API accelerates a new era of financial innovation and plays a pivotal role in the increasing development of the Kingdom’s financial sector. Our investment in the digital transformation of the banking industry reflects our international expertise and capabilities supported by our deep-rooted local knowledge, driven by our purpose to improve efficiencies, customer choice and experience”.

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