Launched in 2018, the Financial Sector Development Program was instituted with a mission to bring about positive change in the financial industry of Saudi Arabia, with a concentration on banking, insurance, stock markets, and debt markets. By aiding financial institutions in the Kingdom to become more robust and competitive, the Program is propelling the growth and progression of the Kingdom's financial market.
The Program works hand-in-hand with the Saudi Central Bank (SAMA)
to provide banking services that are more accessible. By investing in technology and offering a wide range of financial products and services, the Program is committed to contributing to the stability and growth of the banking system to make it even more convenient. It has also collaborated with the Capital Market Authority (CMA)
to establish an evolved capital market that offers a range of products.
The Program is working tirelessly to modernize the financial landscape in Saudi Arabia by updating laws and regulations to meet the highest international standards.
With its dedication, the Program has already accomplished some amazing feats, such as launching its forward-thinking FinTech strategy, granting licenses to three cutting-edge digital banks, and establishing a Financial Academy to train and develop future financial leaders.
Since the Program's launch, the Saudi Capital Market (Tadawul)
is now counted among the top 10 largest markets globally, listed on the leading international indices such as MSCI, S&P Dow Jones, and FTSE Russell.
The Program is staying abreast of the latest global trends to guarantee a contemporary, inventive financial system that fosters entrepreneurship, propels private sector growth, and positions Saudi Arabia as a leading destination for FinTech companies.