Neotek joins the Kingdom’s open banking push: Riyadh-based fintech firm Neotek became the Kingdom’s second final open banking license holder, which was provided by the Saudi Central Bank after completing the regulatory sandbox program. Lean Technologies recently became the first company to obtain the license.

Why it matters: Open banking is a regulatory framework that requires banks to share customer data with third-party fintechs, but only if the customer agrees, using secure APIs. This move signals that banks no longer have full control over financial data. Fintechs can now offer things like combined account dashboards, quick credit scores for small businesses, and automated accounting tools that were previously harder to roll out.

Alkhorayef to install sewer networks for SAR 221 mn

Alkhorayef Water and Power Technologies will build sewer networks in Hafar Al Batin and Al Qaisomah under a SAR 221 mn contract inked with the National Water Company, it said in a disclosure to Tadawul.

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