Saudi Arabia’s Capital Market Authority (CMA) Chairman, Muhammad bin Abdullah Al-Quwaiz, announced that the open banking market, which has witnessed substantial growth in recent years, is projected to reach $43 billion by 2026, compared to $7 billion in 2018. Speaking at the “Open Banking Hackathon 2024” in Riyadh, Al-Quwaiz emphasized the global acceptance and integration of open banking frameworks, highlighting its role in shaping the future of financial services. The hackathon, a pioneering initiative under the Saudi Financial Academy’s new strategy, aims to contribute to building a national workforce specialized in future technologies, aligning with the Kingdom’s Vision 2030 program for the development of the financial sector.
In addition to the market growth projection, Al-Quwaiz mentioned a 2023 study foreseeing the value of training in the sector rising from SAR 788 million ($210 million) to about SAR 1 billion ($266.5 million) by 2026, with over 130,000 individuals targeted for training. The hackathon, led by the Financial Academy, focused on providing participants, including professionals and software developers, with intensive training on open finance basics, technological infrastructure, regulatory compliance, and the impact of open banking on financial institutions and consumers. The initiative reflects Saudi Arabia’s commitment to becoming a global hub for financial technology, aligning with its Vision 2030 goals.