The “Open Banking Hackathon 2024” activities concluded today, Sunday, in the capital, Riyadh, under the auspices of His Excellency Chairman of the Board of the Capital Market Authority (CMA), Chairman of the Board of Trustees of the Financial Academy (FA), Mr. Muhammad bin Abdullah Elkuwaiz, with the presence of a number of leaders and experts of the financial sector in the Kingdom of Saudi Arabia.

During the closing ceremony, the projects submitted by 30 creative men and women from the Kingdom were reviewed and the winning team in the “Open Banking Hackathon 2024” competition was announced.

On this occasion, H.E. Mr. Elkuwaiz explained that the data sector today has great importance in the world of finance and business, to the extent that it is no less than the importance of the financial services sector, but perhaps more than it, due to the nature of data in terms of added value and impact on the economy, in addition to the great competitive advantage it has in creativity, innovation, and provision of financial services that the financial sector has never witnessed before.

Mr. Elkuwaiz stated that, over the past years, the Kingdom began to expand investments and innovations in the technology sector, until in 2023 it became at the forefront of countries in the Middle East and North Africa in venture capital investments, most of which are focused in the Fintech sector due to the competitive advantage technology has in this field. He indicated that this represents a promising opportunity for the financial sector and its workers to create new products and services.

Elkuwaiz added that the market value of training in the financial sector will rise from 750 million riyals to exceed 1 billion riyals in the year 2026, and that this increase will be in the areas of creativity and innovation in technology. He noted that open banking is witnessing new training and qualification requirements today, so that the Financial Academy called for the Open Banking Hackathon with the participation of 30 young men and women to compete to develop new business models and provide innovative financial products and services.

“Allow me to extend my gratitude and thanks to all entrepreneurs who made the financial sector vibrant today, just as electricity made the industrial sector vibrant 200 years ago.” Elkuwaiz concluded his statement.

On his part, the CEO of the Financial Academy, Mr. Mana Al-Khamsan, explained that the Open Banking Hackathon, whose distinguished outcomes we are celebrating today, is the first qualitative innovative initiative presented by the Financial Academy. It is also considered a knowledge acquisition and professional development that keeps pace with the future and its challenges, and an exceptional practical experience in the world of Fintech, in order build national cadres specialized in future technologies, aiming at making the Kingdom a global center for Fintech in line with the Financial Sector Development Program (FSDP) of the Kingdom’s Vision 2030.

He stated that the Financial Academy’s aim in holding this Hackathon was to learn about the basics of open finance with a focus on open banking services, understand the technological infrastructure behind open banking systems, analyze the regulatory framework and compliance requirements. The FA also aimed at studying the impact of open banking services on financial institutions and consumers, and evaluating potential benefits and risks associated with open banking services, as well as developing practical skills for implementing open banking solutions.

Al-Khamsan clarified that the Hackathon targeted professionals in the banking and financial services sector, and professionals from Fintech companies in Saudi Arabia, in addition to software developers, who have two years or more experience in financial services, Fintech, or software development. He pointed out that the participants received intensive qualitative training and professional and career guidance from professional experts, in addition to a certificate from the Financial Academy and accredited international bodies (Silicon Valley Innovation Center, LAU, Ozone API).

It is noteworthy that the Financial Academy harnesses all its material and human capabilities to provide a set of high-level initiatives and products that contribute to achieving the goals of the Kingdom’s Vision 2030, and developing the financial sector according to an integrated and comprehensive future strategy. It also provides advanced products and skills, and promotes innovation in the field of financial services to the highest international levels.