CMA Chairman Opens Third Financial Academy Forum 2024

Riyadh, October 9, 2024 — The Chairman of the Board of the Capital Market Authority (CMA) and Chairman of the Board of Trustees of the Financial Academy, Mohammed bin Abdullah Elkuwaiz, inaugurated the third edition of the Financial Academy Forum 2024 in Riyadh on Wednesday, under the theme “Sustainable Talent Growth.” The event, attended by a select group of decision-makers and experts from the local and international financial sector, underscored the Kingdom’s commitment to developing human capital in finance and aligning with the goals of Saudi Vision 2030.

Context and Background

The Financial Academy, established in 2020, has quickly become a cornerstone of Saudi Arabia’s efforts to build a world-class financial workforce. As the Kingdom accelerates economic diversification under Vision 2030, the demand for highly skilled professionals in finance, investment, and fintech has surged. The annual forum serves as a platform to address emerging challenges and opportunities, foster collaboration, and showcase initiatives that enhance the sector’s competitiveness.

In his opening speech, Elkuwaiz highlighted the Financial Academy’s transformation into a vital training and qualification hub within the financial market. He noted that the level of ambition and the academy’s contribution to financing the economy are boundless. He also discussed the rapid evolution of the financial sector, including new products, channels, and regulations, and its increasing interconnection with other areas of the economy.

Key Details

Elkuwaiz reviewed the achievements made on the sidelines of 24 Fintech, the specialized international fintech conference that hosted a workshop on the future of financial planning and wealth management. During the workshop, a report was issued outlining key features of development and investment in wealth management and financial planning for the upcoming period. He emphasized that many areas of focus extend beyond core financial skills, including data management and analysis, artificial intelligence, open finance technology, and other domains essential for adding value to the sector.

Since its inception, the Financial Academy has trained over 50,000 individuals from the financial sector and offered more than 49 qualifying programs and tests, through which nearly 90,000 professionals have been certified. The academy has also established partnerships with over 40 educational institutions worldwide. The third edition of the forum featured several landmark announcements: a new initiative with the Chartered Financial Analyst (CFA) Institute to increase the number of CFA certification holders in the Saudi market; accreditation by the Chartered Insurance Institute as a professional development center, making it the first such center in the Kingdom; and a global training partnership with the Sutardja Center for Entrepreneurship and Technology at the University of California, Berkeley, granting Saudi professionals exclusive access to world-leading entrepreneurship and technology programs.

Additionally, the Financial Academy announced a partnership with Swiss Re Institute for executive training to launch an initiative to qualify leaders in the insurance sector—the first of its kind in the region—aiming to qualify 150 leaders through specialized programs, notably the Emerging Insurance Leaders Program. The forum also unveiled an alliance between the Financial Academy, the Excellence Academy, New York University, the Paris School of Business, and the CFA Institute, along with the launch of the “Executive Financial Managers of the 21st Century” initiative, which aims to qualify 60 executive financial managers in its first year.

Implications and Impact

The initiatives announced at the forum are set to significantly enhance the skills and credentials of Saudi financial professionals, boosting the Kingdom’s position as a regional financial hub. By partnering with globally renowned institutions, the Financial Academy is ensuring that Saudi talent receives world-class training, which will in turn attract further investment and elevate the standards of the financial sector. This aligns with the broader economic diversification goals of Vision 2030, which seeks to reduce dependence on oil and foster a knowledge-based economy.

Moreover, the focus on emerging areas such as fintech, AI, and open finance reflects Saudi Arabia’s proactive approach to embracing technological advancements. As the financial sector evolves, these skills will be critical for maintaining competitiveness and driving innovation. The forum thus serves as a catalyst for sustainable talent growth, ensuring that the Kingdom’s human capital is equipped to meet future demands.

Vision 2030 Alignment

The Financial Academy Forum 2024 exemplifies Saudi Arabia’s commitment to nurturing human capital as a pillar of Vision 2030. By investing in education, certification, and global partnerships, the Kingdom is building a resilient and dynamic financial sector that will support economic growth, create opportunities for citizens, and strengthen Saudi Arabia’s role as a leader in the global financial landscape. As the forum concluded, participants left with a renewed sense of purpose and a clear roadmap for achieving sustainable talent growth in the years ahead.

20 Questions

Q1. What was the theme of the third Financial Academy Forum 2024?

A1. The theme was “Sustainable Talent Growth,” focusing on developing human capital in the financial sector to support Saudi Arabia’s economic ambitions.

Q2. Who inaugurated the forum?

A2. Mohammed bin Abdullah Elkuwaiz, Chairman of the Board of the Capital Market Authority and Chairman of the Board of Trustees of the Financial Academy, inaugurated the event.

Q3. When and where was the forum held?

A3. The forum took place in Riyadh on October 9, 2024, bringing together local and international financial experts.

Q4. What is the Financial Academy?

A4. Established in 2020, the Financial Academy is a training and qualification hub aimed at developing professionals for Saudi Arabia’s financial sector.

Q5. How many individuals has the Financial Academy trained since its inception?

A5. The academy has trained over 50,000 individuals from the financial sector, enhancing their skills and knowledge.

Q6. How many professionals have been certified through the academy’s programs?

A6. Nearly 90,000 professionals have been certified through the academy’s more than 49 qualifying programs and tests.

Q7. What international partnerships has the Financial Academy established?

A7. It has partnerships with over 40 educational institutions worldwide, including recent collaborations with CFA Institute, Chartered Insurance Institute, UC Berkeley, and Swiss Re Institute.

Q8. What initiative was launched with the CFA Institute?

A8. An initiative to increase the number of CFA certification holders in the Saudi market, positioning the Kingdom among leading countries in this field.

Q9. What accreditation did the Financial Academy receive from the Chartered Insurance Institute?

A9. It was accredited as a professional development center, making it the first such center in the Kingdom.

Q10. What partnership was announced with UC Berkeley?

A10. A global training partnership with the Sutardja Center for Entrepreneurship and Technology, offering Saudi professionals access to world-leading programs.

Q11. What is the partnership with Swiss Re Institute aimed at?

A11. It aims to qualify leaders in the insurance sector through executive training, targeting 150 leaders via specialized programs like the Emerging Insurance Leaders Program.

Q12. What alliance was announced at the forum?

A12. An alliance between the Financial Academy, Excellence Academy, New York University, Paris School of Business, and CFA Institute to launch the “Executive Financial Managers of the 21st Century” initiative.

Q13. What is the goal of the “Executive Financial Managers of the 21st Century” initiative?

A13. It aims to qualify 60 executive financial managers in its first year, enhancing leadership in the financial sector.

Q14. What did Elkuwaiz say about the financial sector’s evolution?

A14. He highlighted new products, channels, regulations, and the sector’s growing connection to other economic areas, necessitating additional skills.

Q15. What skills did Elkuwaiz identify as essential for the financial sector?

A15. Skills include data management and analysis, artificial intelligence, open finance technology, and other areas that add value.

Q16. What report was issued during the 24 Fintech workshop?

A16. A report outlining key features of development and investment in wealth management and financial planning for the upcoming period.

Q17. How does the forum support Vision 2030?

A17. By developing human capital and fostering a knowledge-based economy, it aligns with Vision 2030’s goals of economic diversification and sustainable growth.

Q18. Where can more details about the forum be found?

A18. Information is available on the official website: https://forum.fa.gov.sa/.

Q19. What impact will these initiatives have on the Saudi financial market?

A19. They will enhance professional credentials, attract investment, and elevate the market’s competitiveness and innovation.

Q20. What is the significance of global partnerships for the Financial Academy?

A20. They provide Saudi professionals with world-class training and exposure, ensuring the Kingdom’s financial sector remains globally competitive.

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