A recently released report from Jadwa Investment shines light on the Saudi Arabia’s Financial Sector Development Program (FSDP), which was announced in April of this year.
“In many ways, the FSDP is one of the most important Vision Realization Programs (VRPs), in that the success of the other 11 VRPs are wholly dependent on it,” Jadwa writes. The VRPs are 12 blueprints for reform implementation across as many sectors and industries to realize the goals of Vision 2030.
“Ultimately, due to the scale of funding required for various projects and investments to be realized under the Vision, a fully developed, modern and inclusive financial sector is the only way in which the economic aspirations to increase the size of the Saudi economy threefold, by 2030, will be achieved,” Jadwa says.
The FSDP charter seeks to develop a diversified and effective financial services sector, which supports the development of the national economy by stimulating savings, finance and investment. The FSDP details a number of measurable sector specific targets through to 2020, which lay the foundations for more far reaching aspirations by 2030.
Overall, the key areas of focus are; opening up to FinTech players, SME growth, insurance industry expansion, development of debt and capital markets, moving towards a cashless society and raising the level of financial literacy to help improve household savings.