The State Bank of Pakistan (SBP) has published draft Open Banking Regulations for public comment and is asking stakeholders to review the proposed framework.
The draft aims to spur innovation, increase competition and broaden access to efficient, customer-focused digital financial services in Pakistan.
It seeks to give customers more control over their financial information by allowing secure, consent-based data sharing and the initiation of business payments through authorised Third-Party Providers (TPPs).
What the Regulations Aim to Do
SBP says the rules should enable digitisation of business-to-business (B2B) and consumer-to-business (C2B) payments.
They also intend to support innovative uses of consent-based data sharing, such as stronger credit assessments, better financing options for small and medium enterprises (SMEs), and the creation of customised financial products and services.
Built on Sandbox Results
The central bank notes the draft aligns with international best practices and draws on findings from the first cohort of its Regulatory Sandbox on Open Banking.
It includes safeguards for data protection, privacy, cybersecurity, fraud prevention and consumer protection, while backing SBP's goal of a more connected, inclusive and efficient digital finance ecosystem.
Open banking is already emerging in the country, with BankIslami's aik launching a Shariah-compliant open banking platform earlier this year.
How to Submit Feedback
SBP invites comments from financial institutions, fintechs, technology providers, consumer groups, academia and the general public to fine-tune the framework.
The draft can be accessed on the SBP website.
Comments are due by November 30, 2026, and may be sent by email with the subject line "Feedback on Draft Open Banking Regulations," or mailed to the Payment Systems Policy & Oversight Department, 4th Floor, SBP Building, I.I. Chundrigar Road, Karachi.
