Saudi Arabia launches new financial initiatives to promote economic transformation

People’s Financial News, March 27 - According to a report from the Saudi Press Agency on the 26th, the Saudi Capital Market Authority announced that it will allow financing investment funds, previously limited to private placements, to issue publicly and to be listed and traded on the main market and parallel market. The Saudi Capital Market Authority stated that the purpose of this adjustment is to strengthen the role of investment funds as a financing channel in the Saudi capital market and to launch more financing products that support economic growth and meet investor demand. The Saudi Central Bank also announced on the 26th that it has begun issuing open banking service licenses to fintech companies. According to the Saudi Central Bank, open banking is a financial innovation model that allows customers to securely share their financial information with institutions regulated by the Saudi Central Bank that provide new financial products and services. This move aims to promote financial inclusion and expand the channels for various social groups to access financial services. Some analysts believe that amid escalating regional conflicts, the Saudi financial sector has continuously announced several new initiatives, signaling the country’s intention to stabilize growth and promote transformation. (Xinhua News Agency)