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Eye of Dubai
Business & Money | Monday 19 February, 2024 8:42 am |

Open banking market seen to reach $43B in 2026: El-Kuwaiz

The open banking market expanded significantly over the past years and is expected to grow from $7 billion in 2018 to nearly $43 billion by 2026, said Mohammed El-Kuwaiz, Chairman of the Capital Market Authority (CMA) and Chairman of the Board of Trustees of the Financial Academy.




This significant growth reflects the increasing acceptance and integration of open banking frameworks around the world and shows the great potential for innovation in financial services, Saudi Press Agency reported, citing El-Kuwaiz speech at the Open Banking Hackathon 2024 held in Riyadh today, Feb. 18.




This is also evidence that the open banking plays a decisive role in shaping the future of financial services, thanks to its ability to enhance transparency, improve customer experience, and encourage fair and effective competition among financial institutions.




Further, El-Kuwaiz indicated that the Open Banking Hackathon is the first innovative qualitative initiative offered by the Financial Academy after announcing its new strategy.




The event also helps achieve knowledge acquisition and professional development to keep pace with the future and its challenges. In addition, it represents exceptional experience in the world of financial technology (fintech), to build national cadres specialized in future technologies. This aims to make the Kingdom a global fintech hub, in line with the Financial Sector Development Program of Vision 2030.




A study on the reality of training in the financial sector during 2023 showed a potential rise in the market value of training from SAR 788 million to nearly SAR 1 billion by 2026.




Meanwhile, the number of persons targeted for training and professional certificates rose noticeably to over 130,000, as 75% of entities intend to invest in human capital that represents the main driver for developing the financial sector, in line with Vision 2030.




This significant growth prompted the Financial Academy to launch a new strategy for the next three years. Based on this strategy, the academy became the first choice for all entities in the financial sector to develop their human cadres. Thus, it will be a platform for the localization of vocational training and skills development.




In addition, the academy focuses on providing a distinctive, high-quality experience through providing training facilities to all beneficiaries of its services and products.




The Open Banking Hackathon aims to achieve this new strategic direction of the academy, El-Kuwaiz concluded.


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