Description of the Initiative:

The hackathon is designed to empower the participants with knowledge acquisition and professional development that keep pace with future and its challenges. It particularly focuses on Open Banking (OB) services, its technologies, and how to innovate market-influencing financial applications leveraging a virtual environment based on the Kingdom’s open banking services criteria.

The OB Hack features a selection of expert coaches and mentors who will support and guide participants throughout the event stages until they pitch their projects/prototypes to the judging panel on the Demo Day.

Why should I join the OB Hack?

Top six reasons to register for the event

  • Learn the Open Finance (OF) basics with a focus on OB services.
  • Understand the technological infrastructure of OB systems.
  • Analyze the regulatory framework and compliance requirements.
  • Examine the impacts of OB services on the financial institutions and consumers.
  • Evaluate the potential benefits and risks associated with OB services.
  • Develop the practical skills necessary to implement OB solutions and applications.

Target Groups:

  • Banking and financial sector professionals.
  • KSA-based Fintech companies professionals.
  • Software developers.

Program Journey:

  • Day


    An Introduction to OF and OB Services

    • Introducing the participants to the OF and OB services, explaining how they evolved
    • The key principles and basic components of OF and OB services
    • A comparison to the traditional banking models
    • The advantages and challenges associated with the OB services
  • Day


    The Technological Basics

    • The Application Programming Interfaces (APIs) and its role in the OB services
    • Data security and encryption in the OB services
    • Authentication and authorization mechanisms
    • Case studies on successful OB platforms
  • Day


    The Regulatory Environment

    • An overview on the global regulations of OB services (such as the PSD2 in Europe and the CMA in the UK)
    • Compliance requirements and data protection laws
    • The role of regulatory bodies in monitoring and controlling the OB practices
    • The ethical considerations in OB services
  • Day


    The Impact on Financial Institutions

    • The changes of bank and financial institution business models
    • Fintech partnerships and collaborations
    • Risk management in OB services
    • Case studies on how to adapt conventional banks with OB services
  • Day


    The Impact on Consumers and Business

    • Enhancing customer experiences and providing improved personal services
    • The OB services and the financial inclusion
    • Consumer data rights and privacy concerns
    • OB applications in companies and startups
  • Day


    Future Trends and Forecast

    • The Blockchain technology and its potentials in terms of the OF and OB services
    • The AI and machine learning applications in the OB services
    • The Decentralized Finance (DeFi) and its relationship with the OB services
    • The digital currencies and the consumer dependence on the central banks
    • The evolving predictions and trends related to the OF and OB services (including topics like the Environmental, Social and Governance (ESG) factors)
    • A two-hour open test covering the six modules

The Hackathon ..

Preparation Day

Preparation Day (from day 7 to day 15)

  • Dividing the participants into 4-5 person groups, with each group including at least a scrum master/project leader or a UX designer, a front-end developer and a back-end developer.
  • Setting up and providing an Oracle Cloud KSA (free tier) account for each team. Sign-ups will be arranged before starting the practical phase.


  • Each team will work on developing ideas for a platform that is based on the essential principles regulating the Open Banking in Saudi Arabia.

Demo Day and Graduation Ceremony

  • Each team will present their project in front of other teams and the jury.
  • An award and certificate-giving ceremony.

Each participant of the Hack will receive :

  • An intensively



  • Expert



  • A certificate from

    the Financial

    Academy (FA)

  • Certificates from internationally

    recognized entities

    Silicon Valley Innovation

    Center , LAU, Ozone API



  • Have at least a two-year experience in financial services/fintech sector, or software development.
  • A group of up to four people can also apply as a team, provided that they include a member who has a software development background.


Do I need to have an experience in software development?

A group of up to four persons can also apply as a team as well, provided that they include a member who has a software development background. Otherwise, an applicant must have knowledge of the software development basics.

Is the program conducted in Arabic or English?

The program will be presented in English.

What Are the Awarded Certifications?

  • A certificate is awarded by the FA in partnership with the Silicon Valley Innovation Center and the Ozone API.