RIYADH: Aimed at delivering essential training programs to the financial sector, the second edition of the Financial Academy Forum, held in Riyadh on Wednesday, witnessed the signing of five memorandums of understanding.  

These agreements aimed to facilitate advanced research, executive courses, and collaborative efforts to support entrepreneurs through guidance and digital training in open finance. 

Speaking at the forum, Mana bin Mohammad Al-Khamsan, the CEO of the Financial Academy, highlighted the institute’s commitment to delivering a unique training experience tailored to the needs of the fintech sector through these MOUs.  

By partnering with industry leaders, he added that the academy aims to elevate professional excellence within the broader financial sector. 

The signatory parties included agreements with the Saudi Governance Center and Prince Mohammed Bin Salman College of Business and Entrepreneurship. Additionally, the ZISHI Group for Financial Learning & Professional Development and Ozone API, an open finance company, were also part of the signatory group. 

Saudi Arabia’s 2030 goals, as outlined in the National Fintech Strategy, target creating 525 companies, 18,000 jobs, and a SR13.3 billion ($3.55 billion) direct gross domestic product contribution.  

To pave the way for these objectives, the Saudi Central Bank’s annual fintech report has established benchmark milestones for 2025. This includes 230 operational tech companies in the Kingdom’s financial service sector and SR2.6 billion in venture capital investments. 

In 2023, the fintech sector experienced significant growth, doubling its number of players to 200 firms compared to the 89 present in 2022, according to Ayman Al-Sayari, the governor of the Saudi Central Bank, as reported last month.