State Bank puts draft open banking rules out for public comment

The State Bank of Pakistan (SBP) has released draft Open Banking Regulations for public consultation, inviting banks, fintech firms, businesses and the public to comment on the proposed rules before they are finalised.

The draft was released on Friday, 30 October 2026. The central bank said it aims to encourage innovation, increase competition and widen access to efficient, customer-focused digital financial services in Pakistan.

Under the proposal, customers would have greater control over their financial data. With their consent, banks could share that data securely with authorised third-party providers, such as fintech apps, and those providers could start business payments on a customer’s behalf.

The rules are also meant to speed up the digitisation of business-to-business and consumer-to-business payments. The central bank said consent-based data sharing could support stronger credit assessments, improve small and medium-sized businesses’ access to financing, and help firms build financial products tailored to individual customers.

Why it matters

Open banking is about letting people decide who can use their banking data, and for what. If the final rules work as proposed, a small business could find it easier to prove it is creditworthy, and customers could use apps that bring together accounts and payments from different banks.

The safeguards matter just as much as the access. The draft includes protections for data privacy, cybersecurity, fraud prevention and consumer protection, and the central bank said it draws on international best practice and on the results of the first group of firms tested in its Regulatory Sandbox on open banking.

What happens next

Feedback is open until 30 November 2026. Comments can be emailed to psdpolicy@sbp.org.pk with the subject line “Feedback on Draft Open Banking Regulations”, or posted to the Payment Systems Policy and Oversight Department, 4th Floor, SBP Building, I.I. Chundrigar Road, Karachi.

The draft is not yet in force, and no date for final rules has been announced. The central bank will refine the framework after reviewing the feedback it receives.

Sources

• https://www.thenews.pk/print/1445931-sbp-releases-draft-open-banking-regulations-for-public-consultation (The News, 31 October 2026)
• https://en.tezkhabar.tv/sbp-opens-up-public-consultation-on-draft-open-banking-regulations-2/ (Associated Press of Pakistan, 30 October 2026)
• https://pkrevenue.com/sbp-draft-open-banking-regulations-public-feedback/ (PKRevenue, 31 October 2026)

This article is for general information and education only. It is not legal or financial advice.