Open Banking in Pakistan

In Progress

Pakistan is developing open banking through the State Bank of Pakistan, aiming to leverage API standardization for financial inclusion.

Key Facts

Approach

Regulated

Regulatory Body

State Bank of Pakistan (SBP)

Key Legislation

SBP Open Banking Framework

Topics

Open Banking

API Adoption

Early-stage; framework published with implementation underway

Internet Penetration

36%

Data Scope

Account information, Payment services

Timeline

2022SBP publishes open banking framework outlining regulatory approach and implementation roadmap

2023Technical standards development and industry consultation ongoing

Standards & Specifications

SBP Open Banking API Guidelines (in development)

Open Finance in Pakistan

The State Bank of Pakistan (SBP) published an open banking framework in 2022, outlining the regulatory approach for API-based data sharing and third-party services. The framework aims to modernize Pakistan's financial services sector and drive financial inclusion in a country where a significant portion of the population remains unbanked.

Pakistan's growing mobile phone penetration and digital payment adoption, including services like JazzCash and Easypaisa, provide a foundation for open banking development. The SBP's Raast instant payment system, launched in 2021, creates infrastructure that complements open banking services.

The large population and significant unbanked segment make financial inclusion a primary driver for the initiative. Technical standards development and industry consultation continue as the framework moves toward implementation.

More from Asia Pacific

IndiaLive (Regulated)SingaporeLive (Regulated)Hong KongLive (Regulated)JapanLive (Regulated)South KoreaLive (Regulated)IndonesiaLive (Regulated)

Related Resources

Open Banking in Asia Pacific Compare Pakistan with other countries

Looking to get started with open finance?

Fiskil helps financial institutions, fintechs, and enterprises around the world deliver a successful open finance program.