Financial Sector Development Program Releases Annual Report For 2024 With Key Achievements And Future Goals

The Financial Sector Development Program (FSDP) has released its Annual Report for 2024, highlighting its achievements and future goals aligned with Saudi Vision 2030. The report details various projects and initiatives aimed at boosting economic growth in the Kingdom.

Minister of Finance Mohammed Aljadaan, who also chairs the FSDP Committee, emphasised the program's ongoing success within the framework of Saudi Vision 2030. He noted that these efforts are crucial for building a robust economic future, enhancing Saudi Arabia's regional and international standing.

Aljadaan pointed out that the report showcases part of this success by strengthening the financial sector's resilience and development. These achievements support economic transformation and financial stability across the Kingdom.

The minister highlighted significant progress in advancing the FinTech sector over the past year. By the end of 2024, there were 261 licensed FinTech companies operating in Saudi Arabia, marking a notable increase in this area.

The Saudi Central Bank (SAMA) has played a pivotal role in enhancing digital payments. This includes approving D360 Bank to start operations, contributing to electronic payments making up 79% of total retail transactions in 2024.

Additionally, Aljadaan mentioned that the momentum of Saudi Arabia's financial market persisted throughout 2024. Efforts to develop rules and regulations have created a supportive environment for businesses, resulting in approvals for offering and listing 44 companies.

Commitment to Transparency

This development brought the total number of listed companies to 353 by year-end. The report serves as an essential tool to highlight strategic objectives and enhance transparency within the financial sector.

Furthermore, it underscores Saudi Arabia's dedication to evolving its financial sector to meet investor aspirations. The report is available on FSDP's official website for those interested in detailed insights into these developments.

The leadership under Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has been instrumental in this prosperous era. Their guidance reflects significant development across all state sectors.

With inputs from SPA