2021 Annual Report En · Page 6

 FINANCIAL SECTOR DEVELOPMENT
 PROGRAM COMMITTEE CHAIRMAN
STATEMENT
To reflect these goals, the relevant sectors upped their 
efforts in 2021, and succeeded in achieving several 
accomplishments, the most notable of which was the 
adoption of the Fintech strategy within the framework 
of the program, which seeks to develop the FinTech 
sector and propel it towards innovation in the services 
it provides. In addition, the Instant Payment System 
''sarie'' was launched; the share of non-cash transactions 
in the Kingdom was increased to 57% for the year 2021, 
exceeding the target percentage of 55% set for the year 
2021; two local digital banks were licensed; and the open 
banking policy was issued, which will boost confidence
in both customers and market participants from 
banks, FinTech companies, other financial entities and 
stakeholders, as all of these parties play a pivotal role 
in the journey of innovation and financial inclusion.
The Saudi Financial Market has also witnessed an 
increase in the pace of listings, with 20 companies listed 
in the past year, bringing the number of listed companies 
to more than 220. This had a direct positive impact on 
the Saudi Capital Market's depth and breadth, as well 
as the growth and sustainability of the private sector 
companies. The tangible progress in the Sukuk and Debt 
Instruments Market has also led to the inclusion of 
the Saudi Capital Market in the FTSE Russell Emerging 
Markets Government Bond Index (EMGBI)، which will 
positively affect the financial market's investor base 
and liquidity levels.
The Kingdom ranked 12th in the Index of Venture Capital 
Availability, one of the most prominent sub-indicators 
in the World Competitiveness Yearbook Report issued 
by the World Competitiveness Center. The Kingdom has 
also advanced to rank second among the Middle East and 
North Africa region in terms of overall venture capital 
value, accounting for 21% of the total investment value. 
Last year, the Securities Depository Center Company 
''Edaa'' announced the activation of the linkage with 
''Clearstream'', the post-trading services provider of 
Deutsche Brse Group, which will allow international 
investors to benefit from the services of the International
Securities Depository Center (ICSD)، with the option of 
investing in the Sukuk, Bond Market and Exchange Traded 
Funds (ETFs) listed on the Saudi Exchange (Tadawul).
I would like to take this opportunity to express my 
appreciation to all of the Program partners' staff for 
their efforts through one of the most stressful and 
challenging times. We are moving forward to confront 
challenges and realize achievements and aspirations 
that will help develop the financial sector and enable 
the Kingdom to be one of the largest financial centers 
in the world by the year 2030.
Mohammed Al-Jadaan
Another year has passed, several challenges have 
been confronted and noteworthy achievements 
have been made in the Saudi financial sector; 
to prove, once again, its resilience, robustness, 
stability and balance. The Financial Sector 
Development Program's partners have made 
continuous and increased efforts to keep pace 
with the major transformations in the Kingdom 
since the launch of Vision 2030 and its objectives. 
At the forefront of which is building a thriving 
economy under the leadership of the Custodian 
of the Two Holy Mosques King Salman bin 
Abdulaziz Al Saud and His Royal Highness Prince 
Mohammed bin Salman bin Abdulaziz, Cro