The partners of the Financial Sector Development Program (Ministry of Finance, Saudi Central Bank (SAMA) and the Capital Market Authority) are holding on Sunday May 29, 2022, the second version of the “Financial Sector Conference Talks (FSC Talks 2)”. FSC Talks 2 will bring together a number of government officials and local and international experts to discuss Open Banking and Islamic Finance, their role in developing the digital economy and achieving the objectives of Vision 2030, and the future opportunities for the Islamic finance sector.
The Open Banking and Islamic Finance themes highlight the Kingdom’s pivotal role in developing digital economy and globally strengthening the Kingdom’s position in Islamic finance. That comes in line with the developments of the financial sector in leading countries, and showcase the devoting diligent efforts made by the Financial Sector Development Program (FSDP) in developing an executable roadmap for Islamic finance strategy and rolling out the open banking program. The open banking comes in line with the financial technology strategy that was recently approved by the Cabinet, aming at enhancing the environment for financial technology transactions between the relevant agencies in the Kingdom.
The first session will shed light on the open-banking concept and its implementation in the kingdom. The panelists will discuss the strategic plans used in launching Open Banking services in the Kingdom. The session will also touch upon the innovation in Open Banking and its role in promoting efficient financial services in the local market, and the role it plays in attracting investors, through supporting the global trend by introducing new models and technologies that enhance banking services and increase their value.
The second session will focus on Islamic finance and national aspirations, the role of the public sector and Kafalah Program in achieving growth and stability for SMEs, and the key role of regulators in issuing and regulating the Islamic Sukuk Market based on international best practices and international standards in Islamic Finance. Furthermore, the panelists will highlight the role of Awqaf in realizing SDGs, the future opportunities for the Islamic Finance Industry and the digital transformation in the region and its impact on achieving financial inclusion and supporting SMEs through enabling the creation of a competitive environment that enhances the future of Islamic Finance.
Furthermore, this event is part of the prelude series for the second edition of the Financial Sector Conference (FSC), set to be held in March 2023. The FSC is the highest profile event in the Middle East that brings together an elite group of decision makers, leading financial sector institutions, financiers and beneficiaries. It aims to highlight the distinguished competitive position of the Saudi financial sector in the Middle East and globally; and contribute to the Financial Sector Development Program (FSDP) and its initiatives in realizing Saudi Vision 2030. The FSDP aims to keep pace with global developments in this sector and seeks to achieve qualitative leaps in financial services in parallel with the ongoing development in business and services in the Kingdom.
It is worth mentioning that FSDP has sought, since its launch in 2018, to achieve interdependence and integration between the financial sector ecosystem through its various means and tools. In addition, it has aspired to achieve sustainable growth within a resilient financial stability framework, while employing innovative tools for the development and management of services. The Program is one of the executive programs launched by the Council of Economic and Development Affairs that aimed at realizing the Saudi Vision 2030 objectives through creating a diversified and effective financial sector that supports the development of the national economy and stimulates savings, financing and investment.