The State Bank of Pakistan (SBP) has issued draft Open Banking Regulations for public consultation, aiming to promote innovation, strengthen competition and broaden access to efficient, customer-focused digital financial services.
The proposed framework seeks to give customers greater control over their financial data by providing secure, consent-based access to information and enabling business payments through authorised third-party providers (TPPs).
The regulations are expected to accelerate the digitisation of business-to-business (B2B) and consumer-to-business (C2B) payments. They could also support more accurate credit assessments, improve financing opportunities for small and medium-sized enterprises (SMEs), and encourage the development of financial products tailored to customers’ needs.
According to the SBP, the draft regulations draw on international best practices and lessons from the recently completed first cohort of its Regulatory Sandbox on Open Banking. The proposed framework also incorporates safeguards covering data privacy, cybersecurity, fraud prevention and consumer protection.
The initiative aligns with the central bank’s broader strategy to develop a more interconnected, inclusive and efficient digital financial ecosystem in Pakistan.
As part of the consultation process, the SBP has invited feedback from financial institutions, fintech companies, technology providers, consumer groups, academia and the general public to help improve the proposed framework.
Stakeholders can submit their comments by November 30, 2026, via email to [email protected], using the subject line “Feedback on Draft Open Banking Regulations”.
Feedback can also be sent by post to the Payment Systems Policy & Oversight Department, fourth floor, SBP Building, I.I. Chundrigar Road, Karachi. The draft regulations are available on the SBP’s official website.
