Kingdom Launches Financial Sector Development Program
May 11, 2018
As part of achieving Vision 2030 goals, the Council of Economic and Development Affairs (CEDA) launched the Financial Sector Development Program, which is one of 12 executive programs launched by CEDA. The program seeks to further develop the financial sector as a diversified and effective financial services sector, supporting the development of the national economy by stimulating savings, financing, and investing. The program also encompasses five objectives: financial diversity; financial inclusiveness; financial stability; digital transformation; depth of the financial sector; and is underpinned by three main pillars: enabling financial institutions to support private sector growth; developing an advanced capital market; promoting and enabling financial planning. The Financial Sector Development Program addresses the need for more comprehensive coverage in financial service offerings; increasing the savings rate; cultivating a financial planning culture; access to funding sources, and developing the digital/automation infrastructure for this industry within the Kingdom.