‎Financial Sector Development Program issues 2022 report

‎Financial Sector Development Program issues 2022 report

The Financial Sector Development Program (FSDP) issued its 2022 report, which highlights its achievements and initiatives in 2022, as well as the aspirations of financial institutions in 2023.

As per the report, the Capital Market Authority (CMA) aims to boost the market's attractiveness to foreign investors as well as increase foreign investor ownership, to reach 16.5% of the market capitalization of free-float shares by the end of 2023.

Further, the CMA seeks to deepen the sukuk and debt instrument market, as well as raise the contribution of debt market to local GDP to 20.1% by year-end.

In addition, the market regulator aims to increase the ratio of managed assets to GDP to reach 27.4% at 2023-end, through boosting institutional investment in the stock market and deepening the mutual funds sector.

As for the aspirations of the Saudi Central Bank (SAMA) in 2023, the report indicated that the bank works with FSDP partners to implement FinTech strategic initiatives and build a diversified, comprehensive, and innovative financial sector.

In addition, SAMA seeks to complete the development of an open banking system in the Kingdom to enable banks and FinTech companies to launch their services in 2023.

The central bank continues to keep abreast of best practices and adherence