SBP opens draft open banking regulations to comments until 30 November

The State Bank of Pakistan (SBP) on 30 October 2026 released draft Open Banking Regulations for public consultation, with comments due by 30 November. The proposed framework would enable secure, consent-based financial data sharing and business payment initiation through authorised third-party providers (TPPs).

The draft is not yet a final requirement. SBP says the proposal includes safeguards for data protection, privacy, cybersecurity, fraud prevention and consumer protection.

What the draft would enable

The regulations are intended to give customers greater control over their financial data and allow them to authorise its sharing with TPPs. They would also support payment initiation for business-to-business (B2B) and consumer-to-business (C2B) transactions.

SBP expects consent-based data access to support more robust credit assessments, improve financing access to small and medium-sized enterprises (SMEs), and enable tailored financial products and services. The announcement does not set out the draft's detailed consent, security, liability or technical requirements.

The proposal follows the first cohort of SBP's Regulatory Sandbox on Open Banking and is described by the central bank as aligned with international best practices. Its stated objective is to create a more connected and inclusive digital financial system while encouraging competition and innovation.

Consultation details

SBP is inviting responses from financial institutions, fintechs, technology providers, consumer groups, academia and the general public. Comments may be emailed to psdpolicy@sbp.org.pk with the subject line “Feedback on Draft Open Banking Regulations”, or sent by post to the Payment Systems Policy & Oversight Department at SBP's building on I.I. Chundrigar Road, Karachi.

The consultation closes on 30 November 2026.