Financial Sector Development Program report: We plan to activate role of financial technology, increase share of electronic payments

The Financial Sector Development Program announced the release of its annual report for 2024, which reflects the program’s achievements over the past year and its future objectives within the framework of Saudi Vision 2030. The report highlights the projects and initiatives implemented by the program to enhance the development of the financial sector and support economic growth.

In his speech marking the release of the report, Minister of Finance Mohammed bin Abdullah Al-Jadaan, Chairman of the Financial Sector Development Program Committee, emphasized that the Financial Sector Development Program continues its journey of success and achievements within the framework of the programs of Saudi Vision 2030, through its effective contribution to building an economic future that consolidates the Kingdom’s regional and international standing. It reflects the extent of development witnessed by all sectors of the state in this prosperous era under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister – may God protect them.

He pointed out that the report reflects some of this success and the achievements that contribute to increasing the flexibility and development of the financial sector in the Kingdom, while supporting economic transformation and financial stability. He explained that the program, over the past year, has strengthened the role of financial technology in developing the financial sector. The number of licensed financial technology companies reached (261) by the end of 2024. To enhance the digital payments system, the Saudi Central Bank approved the launch of D360 Bank, and the share of electronic payments increased to (79%) of total individual payments in 2024.

The Minister of Finance affirmed the continued momentum of the Saudi financial market through the development of regulations and rules, the provision of a supportive environment for companies, and the approval of the offering and listing of (44) companies, bringing the total number to (353) companies by the end of 2024.

It is worth noting that the report is an essential tool for evaluating performance and highlighting the efforts made to achieve strategic objectives. This enhances transparency and confirms the Kingdom’s commitment to developing a financial sector that meets the aspirations of investors and society.