Open banking in Pakistan: SBP drafts rules to let fintech apps see your bank data with consent, feedback by 30 November

The State Bank of Pakistan has published draft Open Banking Regulations that would let licensed fintech companies, with a customer's consent, read that customer's bank data and start payments from their account. The draft is open for public comment until 30 November 2026, ProPakistani reported.

What open banking means

Today your bank keeps your account history to itself. If an app wants to know your income to offer you a loan, you usually have to download statements and upload them, or share screenshots. Under open banking, you would give a licensed app permission through your bank, and the data would flow securely between them. You choose what is shared, with whom and for how long, and you can withdraw consent.

The SBP's draft calls these licensed apps Third-Party Providers (TPPs). They would be allowed to do two things:

1. Read data you agree to share, for example to check your cash flow before offering credit.
2. Initiate payments from your account, mainly for business payments (business to business, and consumer to business).

What the State Bank says it wants

• More competition and new digital services for customers
• Better credit checks, so small and medium businesses with thin credit files can borrow on the strength of their real transactions
• Digital payments between businesses, and from customers to businesses, instead of cash and cheques
• Safeguards for data protection, privacy, cybersecurity, fraud prevention and consumer protection

The draft draws on the first cohort of the SBP's open banking regulatory sandbox, which has just ended. One bank has already moved: BankIslami's digital brand aik launched a Shariah-compliant open banking platform this year.

What it means for you

• If you run a shop or small business: a lender could judge you on months of real sales through your bank account rather than collateral alone. Use our personal loan calculator to see what a loan would cost at today's rates, with 12-month KIBOR at 13.04%.
• If you are a customer: nothing changes until the rules are final and apps are licensed. When they are, only share data with an app that names its SBP licence, and check which accounts and what period you are approving.
• Watch for scams: no genuine open banking app will ask for your banking password, PIN or OTP. Consent is given inside your own bank's app.

How to comment

The SBP has invited banks, fintechs, technology firms, consumer groups, academics and the public to respond. The draft is on the SBP website, and comments can be sent by email with the subject line "Feedback on Draft Open Banking Regulations" or by post to the Payment Systems Policy and Oversight Department, 4th Floor, SBP Building, I.I. Chundrigar Road, Karachi, by 30 November 2026.