The State Bank of Pakistan (SBP) has released draft Open Banking Regulations for public consultation and is seeking feedback from stakeholders on the proposed framework.
The draft regulations aim to foster innovation, enhance competition, and expand access to efficient, customer-centric digital financial services in Pakistan.
They are designed to give customers greater control over their financial data by enabling secure, consent-based data sharing and the initiation of business payments through authorized Third-Party Providers (TPPs).
What the Regulations Aim to Do
According to SBP, the regulations are expected to facilitate the digitization of business-to-business (B2B) and consumer-to-business (C2B) payments.
They will also enable innovative uses of consent-based financial data sharing, including robust credit assessments, improved access to financing for small and medium enterprises (SMEs), and the development of tailored financial products and services.
Built on Sandbox Results
The central bank said the draft is aligned with international best practices and informed by the outcomes of the recently concluded first cohort of its Regulatory Sandbox on Open Banking.
The draft regulations provide safeguards for data protection, privacy, cybersecurity, fraud prevention, and consumer protection. They also support the SBP’s strategic objective of advancing digital financial services through a more connected, inclusive, and efficient financial ecosystem.
Open banking has already started taking shape in the country, with BankIslami’s aik launching a Shariah-compliant open banking platform earlier this year.
How to Submit Feedback
As part of the consultation process, the SBP has invited feedback from all stakeholders, including financial institutions, fintechs, technology providers, consumer groups, academia, and the general public, to help refine the proposed framework.
The draft regulations are available on the SBP’s website.
Comments can be submitted by November 30, 2026, via email with the subject line “Feedback on Draft Open Banking Regulations,” or by post to the Payment Systems Policy & Oversight Department, 4th Floor, SBP Building, I.I. Chundrigar Road, Karachi.
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