The Financial Sector Development Program is one of the eleven executive programs launched by the Council of Economic and Development Affairs to achieve the goals outlined in Saudi Vision 2030. Its primary objective is to cultivate a diversified and efficient financial sector that supports national economic development, encourages savings, financing, and investment, and enhances the sector's resilience in tackling challenges.
Our Strategy
To foster a thriving financial sector, we have outlined four key pillars:
Empowering financial institutions to bolster private sector growth
1. Enhancing the breadth and variety of financial services and products offered
2. Building an advanced financial infrastructure
3. Developing a thriving insurance sector to manage financial risks
4. Strengthening employees’ capabilities
Developing an advanced financial market
- Facilitating the raising of capital by the government and the private sector
- Providing an effective platform to encourage investment and diversify the investor base
- Providing safe and transparent infrastructure for maintaining the stability of financial markets
- Enhancing the capacity and development of market participants
Promoting and enabling financial planning
- Stimulate and support sustainable demand for savings plans
- Pushing towards the expansion of savings products and channels available in the market
- Improving and strengthening the savings system
- Promoting financial culture
Financial Technology Strategy
- Establishing the Kingdom's identity as the home of financial technology
- Facilitating access to market and financing
- Enabling technical infrastructure
- Developing the regulatory framework
- Developing competencies
- Strengthening local and international partnerships
Our Goals:
- Double the size of the financial sector, increasing GDP growth
- Align the financial market's size with that of the banking sector
- Establish an inclusive system benefitting the majority of Saudi citizens
- Digitize processes to enhance customer experience and operational efficiency
- Sector management by national professionals
- Attain one of the top 10 positions in financial stability among G20 countries
We aspire to create a large, diversified, digital, and stable financial sector that contributes to realizing the objectives of the Saudi Vision 2030:
- Increase the growth of the banking sector, achieving total banking assets of SAR 4,553 billion by 2030
- Active and advanced financial markets offering diverse investment alternatives and financing sources
- Promote the role of emerging players, such as financial technology companies, to drive innovation and competition, aiming for 525 companies by 2030
- Foster a savings culture, ranking regionally in financial education and awareness
- Sustain globally recognized financial sector stability and robust regulatory oversight