Financial Sector Development Program

The Financial Sector Development Program is one of the executive programmes of Saudi Vision 2030. It was announced on 21 Rajab 1438 AH (24 April 2017) among eleven executive programmes approved by the Council of Economic and Development Affairs to achieve Saudi Vision 2030. [1]

The programme began operating in 2018, seeking to achieve coherence and integration in the Kingdom's financial sector, and its implementation plan covers the period 2020–2025. [2][1]

The programme set three main goals: enabling financial institutions to support private sector growth, developing an advanced financial market, and enhancing and enabling financial planning. [1]

The programme also contributes indirectly to supporting the achievement of 21 additional goals of the strategic objectives of Saudi Vision 2030. [1]

The programme's annual report for 2025 presents its strategic objectives: enabling financial institutions to support private sector growth, developing an advanced financial market, enhancing and enabling financial planning in retirement and savings, and enabling the fintech strategy. [3]

The programme rests on a partnership between the Ministry of Finance, the Saudi Central Bank, and the Capital Market Authority. [4]

The programme's committee is chaired by the Minister of Finance, Mohammed bin Abdullah Al-Jadaan. [5]

The programme launched the executive plan of the fintech strategy on 22 June 2022. [5]

The insurance sector is one of the pillars of the programme, given its importance to the national economy. [6]

The number of fintech companies operating in the Kingdom reached 301 companies by the end of 2025, exceeding the programme's target for 2025 of 230 companies. [3]

The share of non-cash transactions in the Kingdom rose to 36% in 2019, surpassing the programme's target of 28% for 2020. [2]

The Kingdom's markets joined global indices such as the MSCI Emerging Markets index and FTSE Russell, and the programme issued its first annual report on 11 May 2020, reviewing its achievements from its launch to the end of 2019. [7]

Revenues of capital market institutions grew by 18% to reach about SAR 22.09 billion during 2025, and the number of licensed institutions rose to 215 institutions with growth of 16%. [3]

The second edition of the Financial Sector Conference was held on 15 and 16 March 2023 at the King Abdulaziz International Conference Centre in Riyadh. [4]

Q: When was the Financial Sector Development Program announced and when did it begin operating? A: It was announced on 21 Rajab 1438 AH (24 April 2017) among eleven executive programmes of Saudi Vision 2030, and it began operating in 2018. [1][2]

Q: What are the main goals of the Financial Sector Development Program? A: Enabling financial institutions to support private sector growth, developing an advanced financial market, and enhancing and enabling financial planning. [1]

Q: Who are the programme's partners and who chairs its committee? A: Its partners are the Ministry of Finance, the Saudi Central Bank and the Capital Market Authority, and its committee is chaired by the Minister of Finance, Mohammed bin Abdullah Al-Jadaan. [4][5]

Q: What is the duration of the programme's implementation plan? A: The implementation plan covers the period 2020–2025. [1]

Q: How many fintech companies operate in the Kingdom? A: 301 companies by the end of 2025, exceeding the programme's target for that year of 230 companies. [3]

The Financial Sector Development Program combines enabling financial institutions to support the private sector, developing an advanced financial market, and enhancing financial planning in the Kingdom [1], alongside achievement indicators that include non-cash transactions, the growth of capital market institutions' revenues and the expansion of the fintech sector through the end of 2025. [2][3]

Related topics on the platform include Saudi Tadawul and the National Transformation Program.