Refine Your Search
...
News
Our shared values keep us connected and guide us as one team.
...
Our shared values keep us connected and guide us as one team.
News
23 December, 2024
The Financial Academy (TFA) has inked a cooperation agreement with Albilad Capital, the investment arm of Bank Albilad, to promote their joint action. The deal is part of ongoing efforts aimed to develop and refine capabilities of KSA financial sector’s human capital in alignment with Vision 2030 targets. Mr. Mana bin Mohamed AlKhamsan, CEO of The Financial Academy, and Mr. Zaid Mohamed AlMufarih, CEO of Albilad Capital, represented the two sides in the signing ceremony. Under the agreement, TFA will deliver specialized training courses for Albilad Capital’s employees to introduce them to a wide range of topics such as anti-money laundering (AML) and the updated regulations of the Capital Market Authority (CMA). In addition, the academy will offer professional certifications covering all financial leadership development areas as well as key skills required by the financial services market. It will also host expert speakers for industry-focused events and programs, and conduct capital market case studies. The Financial Academy (TFA) is an entity with an independent, legal and administrative status. It is organizationally located under the Chairman of the Board of the Capital Market Authority (CMA). The Academy is mainly focused on qualifying the financial sector’s human capital, including senior managers and board members, by advancing their knowledge, capabilities, skills and culture. The FA also develops and promotes best professional financial practices, targeting all components of the financial services sector including banking, finance, insurance and capital market.
News
12 December, 2024
The Financial Academy (TFA) Board of Trustees convened in full for its 22th meeting, chaired by His Excellency Mr. Mohamed bin Abdullah ElKwaiz, Chairman of the Capital Market Authority (CMA) and Chairman of the TFA Board of Trustees. The meeting took place at TFA premises in King Abdullah Financial District (KAFD), where the board members reviewed numerous items on the agenda, focusing mostly on improving the academy's performance as per its New Strategy 2024-2026. Then, they adopted a list of relevant decisions and recommendations. The meeting also saw the launch of TFA new platform – a step aims to improve and enrich the experience of the academy stakeholders, thus contributing to the overall goal of developing and advancing the skills of KSA financial sector human capital.
News
08 December, 2024
Mr. Ali bin Saleh Al Garawi has been named to the Board of Trustees of The Financial Academy (TFA), serving also as a representative of Saudi Central Bank on the board. Accordingly, Al Garaawi will replace outgoing member Dr. Fahd bin Ibrahim Alshathri.
News
21 November, 2024
Riyadh, November 13, 2024 - The Financial Academy (FA) has celebrated the graduation of MEDGULF NEXTGEN trainees, a program implemented in partnership with the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF). The training activity was designed to prepare a promising generation of young professionals capable of enabling the ongoing development of KSA insurance sector. Mr. Mana AlKhamsan, CEO of the Financial Academy, explained that the program is an outcome of the strategic partnership between the FA and MEDGULF, aiming to train, upskill and leverage the capabilities of fresh graduates who are planning to join insurance workforce. “The partnership seeks to meet the sectoral needs and requirements in alignment with the goals of the Financial Sector Development Program (FSDP) – one of KSA Vision 2030 targets.” For his part, Mr. Umar Al Mahmoud, CEO of MEDGULF, commented that the program, using a diverse learning approach, helps the participants to upskill and develop relevant basic competencies, thus qualifying them to work in the insurance industry. “Additionally, they are prepared to pass the mandatory professional exams required to get a job in the insurance sector,” he noted. Meanwhile, the two sides inked a cooperation agreement to organize an Artificial Intelligence (AI) and innovation hackathon. The agreement is driven by the academy and the insurance company’s shared strategic target of advancing capabilities of the financial sector’s human resources. As per the agreement, the Financial Academy will implement a five-month AI and innovation hackathon program. It is comprised of five stages: collecting data, identifying the challenges and designing the program; advertising and calling for applications; screening and selecting applicants; conducting the hackathon; then finally holding the closing ceremony.
News
14 November, 2024
The Financial Academy’s Advisory Committee for Insurance Sector Human Capital Development, assembled in full, has convened for the first time at the headquarters of the Academy in King Abdullah Financial District (KAFD), Riyadh. The meeting was headed by H.E. Mr. Abdulaziz bin Hassan Al Boug, Chairman of the Insurance Authority. The Committee discussed a broad range of agenda items that focused on ways to improve the Saudi insurance industry, coming up with decisions and recommendations needed to realize this goal. Earlier this year, the Financial Academy’s Board of Trustees decided to constitute an advisory expert committee for developing the capabilities of human resources of insurance sector. It is tasked with identifying the sector’s training and development needs and providing advice and insights on how to elevate the performance of the insurance industry human capital. The move was inspired by the Financial Academy Strategy 2024-2026, which aims to enhance the Financial Sector’s efficiency and excellence. Basically, the Committee focuses on boosting the efficiency of development programs targeting the insurance sector’s human capital with a view to stepping up their level of knowledge and skills. In doing so, it determines the training needs and gives expert recommendations on how to improve training programs and develop professional certificates and skills needed for the sector staff. Additionally, the Committee serves as a direct communication platform that enables the Financial Academy to understand the requirements, precisely identify the most refined needs, and ensure that they are met; thus contributing to achieving the goals of the Financial Sector Development Program (FSDP), one of the Kingdom’s Vision 2030 programs. The Advisory Committee includes HE. Mr. Abdulaziz bin Hassan Al Boug, Chairman of the Insurance Authority as its chair; Mr. Naji Al-Faisal Al-Tamimi, CEO of the Insurance Authority; Mr. Mana bin Mohamed AlKhamsan, CEO of the Financial Academy; Mr. Othman bin Yousef AlKassabi CEO of the Company for Cooperative Insurance (Tawuniya); Mr. Tal Hisham Nazer, CEO of Bupa Arabia for Cooperative Insurance; Mr. Ahmed bin Ali AlJabr, CEO of Saudi Reinsurance Company "Saudi Re"; Mr. Bassam Al Bader, CEO of Marsh McLennan, a global leader in insurance brokerage; in addition to the Director of the Financial Academy’s Insurance Center, who serves as the Committee Secretary General.
News
22 October, 2024
The Financial Academy (FA) signed today a Memorandum of Understanding (MoU) with the Center for National Health Insurance (CNHI) to develop leadership and financial skills of the Center’s employees through implementing a variety of specialized training programs. Mr. Mohamed Alwelaie, Head of Insurance Center at the FA, and Mr. Sultan Khan, Chief Human Resources & Corporate Services Officer at CNHI, signed the MoU on behalf of the two institutions. The signing ceremony was attended by Mr. Mohamed AlKhamsan, CEO of the Financial Academy, and Mr. Yasser Alquhidan, CEO of the Center for National Health Insurance. The MoU is aimed to develop CNHI staff by enhancing their professional knowledge and skills within areas of effective communication, strategic planning, efficient team management, problem solving, and decision making. In addition, the agreement seeks to empower the Center for National Health Insurance’s employees to fully understand and manage financial affairs, especially those related to management accounting, strategic finance and investment management. According to the MoU, the Academy will also provide specialized insurance programs covering key topics like insurance cost analysis and management, and the associated risks. The Financial Academy is an independent legal and administrative entity that is organizationally located under the Chairman of the Board of the Capital Market Authority (CMA). The Academy seeks to qualify the financial sector’s human resources by advancing the knowledge, capabilities, skills and culture of its staff, including senior managers and board members. The FA also develops and promotes best professional financial practices, targeting all segments of the financial sector such as banking, finance, insurance and capital market.
News
18 October, 2024
The third edition of the Financial Academy Forum 2024 concluded Wednesday, October 9, with the attendance of more than 3,000 financial industry stakeholders, including decision makers, CEOs, experts and professionals. The forum featured a number of panel sessions, with the first one addressing the theme of Thriving through Rapid Changes: Building a Culture of Continuous Learning, where participants discussed strategies for adopting the culture of continuous learning, leveraging technology to enhance learning experience, the role of innovation in improving the competitiveness of organizations, methodologies for integrating learning into the objectives of organizations, and developing the human capital. During this session, Ali Almansour, CEO and Managing Director of SAB Invest, said that there is an increase in studies measuring the impact of continuous learning and the importance of using technology in the finance industry, indicating that profits of companies that adopt new technologies hiked by up to 20% compared to other businesses that have not yet. He stressed that real productivity is to invest in skills and develop employees to cope with the changes underwent by the industry across the globe. Likewise, Umar Al Mahmoud, CEO of Medgulf, pointed out that the insurance market is experiencing a critical stage, after becoming part of the technology era, noting that profits made by businesses that resist technology will be very limited, versus those that invest in continuous learning of their employees. He added that the Saudi government sectors have been digitalized, stressing the need to use the digital future to fill the gaps in the financial sector. Al Mahmoud praised the Saudi banks’ experience in this regard. On his part, Dr. Francois Ortalo, Dean of London Business School, said he is impressed by the progress achieved by Saudi financial institutions under the ambitious Vision 2030, which works for future and is expected to pay off in the years ahead. Tariq Al Sudairy, CEO and Managing Director at Jadwa Investment, presented his own vision for addressing the challenges that hinder the progress of the financial sector’s staff. He suggested that such issues can be handled by providing training that is supported by budgets and plans for each employee, so that the development process becomes an essential part of the organization's annual KPIs. The second panel session dealt with the title of “AI-Powered as a Tool for Improving Employee Experience and Boosting Productivity in Modern Workplaces.” Speakers in this session handled various topics such as leveraging AI-powered solutions to improve the employee experience, improve work environment, and boost productivity, prominent AI-driven technologies for enhancing training and development outcomes and utilizing analytical AI to measure workplace impact. In this context, May Al Hoshan, Chief Human Capital Officer at Banque Saudi Fransi, highlighted the importance of learning virtual reality to cope with the technology updates. She explained that it is an effective way to opening broad horizons, noting that the results of AI seen today are just a small fraction of what will happen in the coming years. May underlined the need to be resilient to changes and to replace jobs that are no more compatible with the new reality, in order to meet the future AI requirements. Head of HR Group at the Arab National Bank, Badr Al Otaibi, stated that his organization utilizes AI to effectively improve decision making and customer experience as well as automating many services. He recommended that the technology should be leveraged to increase productivity and introduce innovation to financial systems. Adding to the above, Hassan Hammad, Group Chief Human Resources Officer at the Saudi National Bank, said that one of the most key drives of inspiration is the desire to make a difference, stressing the need to equip employees with better qualifications and skills, and encourage them to join AI courses even if they are not relevant to their roles. Hatem Al Balla, Assistant Undersecretary of Skills and Training, Ministry of HR and Social Development, stated that AI is one of the essential solutions for dealing with big data. Other solutions include, he added, developing human capabilities, responding to work requirements, and facilitating decision-making processes through a set of tools that is updated day by day. During the final session of the Financial Academy Forum, experts and officials addressed the theme of “the Role of Training and Development (T&D) and Talent Development in Navigating Sustainability,” covering several topics like strategies for integrating sustainability into talent development; exploring innovative models to identify skills essential for fostering a sustainable culture within organizations; and key tools to address ongoing environmental and social challenge Dr. Abdulrahman Al-Mutairi, Senior Vice President of People Development at Riyad Bank, noted that sustainability is actually an important strategic direction, dubbing it as a journey with exceptional dimensions whose impacts are experienced after years. He concluded that, to achieve sustainability, a package of measures should be implemented within organizations including training, motivation, encouragement, support and recognition. Dr. Ghada Ahmed Bin Baz, Executive Director of Human Capital and Admin Affairs at the Insurance Authority, said that after launching the Kingdom’s Vision 2030, organizations have become increasingly interested in sustainability. She explained that sustainability guarantees the survival of these institutions and the permanent growth of their production, which is evidently reflected by megaprojects seen every day. The impact of sustainability on organizations can be seen in the vital accomplishments and alliances realized as part of the organization’s pursuit of raising their efficiency and improving the capabilities of their human capital, Ghada added. Gill White, Executive Director of Member Engagement and Learning at Chartered Insurance Institute (CII), called on the organizations to pay attention to sustainability. She noted that governance has proven to be of great merit in terms enhancing competencies, qualifying employees, and caring for talents, adding that having permanent and sustainable development programs in place is one of the most effective ways for ensuring talent retention. Finally, Ibrahim Al Howish, Chief Human Capital and Corporate Affairs Officer at Al Rajhi Takaful, said the organizations need to adopt digital transformation and ethical leadership in order to boost their sustainability. They also should take financial training and development to a level consistent with the requirements of the era and the latest global systems in the field, he advised. The forum’s third edition, held under the theme of “Sustainable Talent Growth”, is a vital and unique gathering for industry decision makers and stakeholders. It hosted more than 15 professional speakers from various financial sectors, in addition to 16 strategic partners and leading institutions, whose presence reflects the strong cooperation between different parties in promoting the development and prosperity of the financial sector.
News
15 October, 2024
The Financial Academy (FA) and Al Rajhi Capital inked Monday (October 14, 2024) a Memorandum of Understanding (MoU) for providing continuous professional training for leaders and professionals as well as qualifying fresh graduates for the securities sector. The MoU was signed by Mr. Mana bin Mohamed AlKhamsan, CEO of the Financial Academy, and Mr. Waleed AlRashed AlHumaid, CEO of Al Rajhi Capital. AlKhamsan commented that the memo is an outcome of the Academy and the financial services company’s shared strategic direction of developing the capabilities of the industry human resources. He explained that such an MoU would lead to activating cooperation in continuous professional training, as the Academy will launch a training project for a number of Al Rajhi Capital’s senior managers and employees. “Additionally, we will implement another project, “Al Rajhi Capital’s Pioneers,” for qualifying fresh graduates. It will cover eight professional pathways, including real estate investments, asset management, research, brokerage and digital transformation,” AlKhamsan said. For his part, AlHumaid noted that the cooperation aims to build case studies to enrich local content and to leverage Al Rajhi Capital financial expertise in securities training programs, thus ensuring that practical and theoretical aspects are covered. “Al Rajhi Capital will also support specialized signature programs tailored by prominent local and global centers of excellence to meet the financial sector’s needs.” The Financial Academy (FA) is an independent legal and administrative entity that is organizationally located under the Chairman of the Board of the Capital Market Authority (CMA). The Academy seeks to qualify the financial sector’s human resources by advancing the knowledge, capabilities, skills and culture of its staff, including senior managers and board members. The FA also develops and promotes best professional financial practices, targeting all segments of the financial sector such as banking, finance, insurance and capital market. Al Rajhi Capital, the investment arm of Al Rajhi Bank, is a leading brokerage company offering a wide range of investment products and services tailored to meet clients' needs and achieve their financial goals. The company pays particular attention to the development of human resources, being a pillar of its strategy, providing various training programs and workshops for its employees. It also attracts and qualifies new graduates in the securities sector to develop their skills in line with market needs.
News
14 October, 2024
H.E. Deputy Minister of Finance, Mr. Abdulmohsen bin Saad Alkhalaf, revealed that the number of fintech companies in the Kingdom reached 224 by the end of Q2 of 2024, exceeding the quarter’s target of 168 businesses, thanks to efforts exerted by the concerned authorities. However, he noted that the number of fintech firms is targeted to hit 525 by 2030. Alkhalaf made the statements as he took part in a panel discussion titled “Leadership in the Age of Technology and Innovation” within the Financial Academy Forum (FAF) 2024, held Wednesday, October 9, at Conference Center of King Abdullah Financial District (KAFD) in Riyadh. Al-Khalaf pointed out that the technical shifts have extended to financial transactions through via the artificial intelligence (AI) gateway to support the economy, and therefore big data, blockchain, or business intelligence programs have emerged. “These shifts had great impact on areas of financial planning and monitoring financial performance, thus enhancing predictability of positive or negative developments due to the availability of a huge amount of data, information and statistics, which supports decision-making by taking advantage of opportunities proactively, or by hedging against potential risks. The deputy minister of finance further spoke of the impacts of modern technologies in the financial sector, especially predictability, which is based on the availability of information and data that enable sound decision making. He pointed out that such technologies have activated many pathways in the financial sector, and improved accessibility to the required information, enhancing credibility, transparency and governance programs in the sector. “The world is undergoing a major and accelerated technological transformation, as modern technology has brought about an unprecedented revolution in all areas, the impact of which has extended to the public sector. This revolution has radically changed the way the sector is managed, including the mechanism of internal dealings and the services it provides to beneficiaries, whether they are individuals, private institutions or government agencies. This has been enabled by the huge investments in digital infrastructure and the great empowerment of digital transformation in the Kingdom.” Then, Al-Khalaf zoomed in on the role of technology in the Saudi governmental sector, particularly in the Ministry of Finance. He said that since Vision 2030 has been launched, the ministry has been working on various domains. It adopted technology in many sectors, focusing specifically on the financial sector with a view to developing it. Two years ago, he added, the executive plan of fintech strategy - a major component of the Financial Sector Development Program (FSDP) - was launched in order to facilitate doing business and attracting investments. Highlighting the challenges encountered by the Ministry of Finance in this regard, Alkhalaf stated that the ministry found out that the technical initiatives are scattered and inconsistent, with one for revenues unit, a second for budget unit, and a third for accounts unit, and each of them has a separate system. Then, the ministry decided to address this challenge, which reduced the efficiency of financial planning processes. Hence, the ministry started handling this issue since 2017, when it opted to combine all initiatives into a single technical system, which has evolved over years. This system has now turned into the National Center for Government Resource Systems (NCGR). “The ministry created numerous systems, including Etimad platform, Sarf and Mu’amalat systems, which facilitated transactions and improved decision making. However, we are still striving to further leverage these technologies, so we are building an interactive dashboard that includes all data related to financial and macroeconomic policies, which will provide accurate recommendations to improve the macro-financial policy-making process.” Al-Khalaf underscored some key initiatives undertaken by the Ministry of Finance to achieve digital transformation, most notably building a partnership with the NCGR, adopting a digital technology-based business model for innovating products and services, and introducing new channels that increase the value of the ministry’s products and improve their impact on public finances. “The closest example coming to my mind of a national digital success story is the Etimad platform, to which both the ministry and the NCGR contributed. Previously, contracts, tenders and procurement procedures with government entities were implemented manually, which over time led to mismanagement of data, delays in the disbursement of private sector’s dues, and the emergence of issues in government projects. Given all of this, the idea of creating Etimad platform came up in the second quarter of 2017 during a meeting of the ministry's leaders to consider automating payment orders. The ministry chose a simple, gradual and flexible methodology for developing the platform, i.e. introducing a small product and then developing it. Accordingly, the platform started with one service which later was followed by multiple ones.” Today, he elaborated, the platform offers many public finance services to its beneficiaries from the government, public/private sectors and individuals, as the procurement to payment cycle has been governed and automated. Thus, we have become fully aware of the current situation regarding the budget, disbursement, and the existing obligations, which helps enhance governance, transparency, reliability, and spending efficiency. “Additionally, the platform has helped accelerate payments to the private sector, and provide financial data that enable us and government entities to compare, follow up and improve financial planning.” The deputy minister recounted that previously payment order cycle duration used to exceed 100 days, while the ministry handled 2,000 to 3,000 payment orders per day. Thanks to Etimad platform, he said, the payment order cycle duration has decreased to only 14 days, and the ministry now handles 6000-7000 payment orders daily and commits to paying within 45 days of receiving the payment order, which contributed to improving the efficiency of the private sector and sustaining its growth. “Likewise, depositing in the accounts of beneficiaries after implementation took three business days; yet after launching the TRAX payment system and applying the electronic signature, deposits take place on the same day the transfers are implemented.” Finally, Alkhalaf addressed the challenges facing the institutions in general and financial organizations in particular, namely the global competition to attract technical expertise and talent; issues related to the enablers such as infrastructure and legislations; cybersecurity challenges; and resistance to change. He pointed out that emerging technologies can have a positive social and economic impact in different ways. “They can improve financial inclusion for society members, and increase the level of transparency at governments, which would upgrade financial data and planning, support Anti-Money Laundering (AML) activities, and control the financing of illegal activities.” He concluded that increasing the accuracy of estimating and measuring the impact of public policies is a key concern for decision makers, so emerging technologies can be used to simulate the expected results of policies by collecting, processing and analyzing big data, which would provide insightful feedback and recommendations to help take balanced economic decisions.
News
13 October, 2024
H.E. Mr. Mohammed bin Abdullah Elkuwaiz, Chairman of the Capital Market Authority (CMA) and Chairman of the Board of Trustees of the Financial Academy (FA), inaugurated the third Financial Academy Forum (FAF 2024). The event, held under the slogan of “Sustainable Talent Growth,” was attended by a selection of local and international finance industry decision makers and experts. The third edition, which took place Wednesday October 9, 2024 at Riyadh’s King Abdullah Financial District (KAFD), attracted a broad audience of industry practitioners and stakeholders in the Kingdom of Saudi Arabia. Over 3,000 men and women participated in the event, recording unprecedented level of attendance compared to the forum’s previous editions. FAF 2024 included four panel discussions that covered numerous themes, most prominently Fostering Institutional Excellence Through Training and Development (T&D) Best Practices in Modern Era, Thriving through Rapid Changes: Building a Culture of Continuous Learning, AI as a Tool for Boosting Productivity in Modern Workplaces, the Role of Training & Development and Talent Development in Navigating Sustainability. The event also featured workshops that addressed various topics such as AI Integration into Training and Talent Development, Improving Learning Experience by Measuring Training Effectiveness, and Achieving Institutional Sustainability by Integrating Environmental, Social, and Governance (ESG) principles into Talent Development Practices. Meanwhile, the Financial Academy launched, at the sidelines of the forum, a series of initiatives with global centers of excellence, as part of its drive to develop and improve the capabilities of the financial sector’s human capital. Among these is an initiative with the Certified Financial Analyst (CFA) Institute to increase the number of CFA holders in Saudi market. Additionally, the FA announced that it has become the first professional center in the Kingdom of Saudi Arabia to be accredited by the Chartered Insurance Institute (CII), in addition to being named a global training partner of University of Columbia’s Berkeley Sutardja Center for Entrepreneurship & Technology (SCET). Moreover, another partnership between the FA and the Swiss Re Institute for Executive Education to qualify 150 leaders from insurance sector was revealed during the forum. The event also marked the announcement of an alliance between the Academy, Al-Tamayyuz Academy, New York University (NYU), Hautes Etudes Commerciales (HEC) Paris and CFA Institute to launch the 21st Century CFO Leadership Program, which is designed to equip current and aspiring Chief Financial Officers with the critical skills, knowledge, and leadership capabilities required to excel in today’s dynamic financial landscape. The initiative aims to qualify 60 CEOs in first year. The Financial Academy Forum (FAF) is as an annual, vibrant platform for finance industry decision makers. It targets senior government officials, heads of authorities and institutions, CEOs, as well as distinguished researchers, academics, experts and professionals in finance and investment areas. They gather to explore new methods and techniques for improving the financial sector human capital’s capabilities and skills in alignment with the sector’s future needs.
News
12 October, 2024
H.E. Mr. Mohammed bin Abdullah Elkuwaiz, Chairman of the Capital Market Authority (CMA) and Chairman of the Board of Trustees of the Financial Academy (FA), said the Financial Academy Forum has become a flagship event for all those interested in areas of financial training and employability. He explained that the forum allows audience to identify challenges and explore opportunities with regard to developing the capabilities of human capital in the financial sector. “It also seeks to foster institutional excellence through highlighting T&D best practices in the era of technology and innovation,” added Mr. Elkuwaiz, who was delivering the opening remarks at the Financial Academy Forum 2024, held October 9, at the Conference Center of King Abdullah Financial District (KAFD) in Riyadh. He noted that the FA plays a leading role in promoting the continuous professional development within the financial sector. “This role is driven by the Academy’s strategy and initiatives that are designed to provide a wide range of effective activities and innovative solutions and technologies, thus supporting the collective efforts aiming to sustainably develop the financial sector’s human capital.” The CMA Chairman underlined the important role of the Academy as he reviewed its achievements since it was reconstituted in 2020. He revealed that the FA trained over 50,000 financial sector employees, qualified more than 90,0000 staff by providing specialized programs as well as exams that exceeded 49, and secured partnerships with over 40 prominent educational and training organizations worldwide. Additionally, Elkuwaiz highlighted the vast transformation experienced by the financial sector in terms of products, channels and new regulations, and how it is closely linked to other areas of economy. In this context, he underscored the outcome of the international 24 Fintech conference, which hosted a workshop on the future of financial planning and wealth management, resulting in a report on the key features of revolutionizing and investing in these domains in the upcoming period. He pointed out that most of the areas of development and investment are not related to the specialization itself, but rather to additional skills that the financial sector should develop to be able to excel. “These skills include data management and analysis, artificial intelligence (AI), open financial technology, in addition to other areas that have become essential for bringing added value to the industry.” “We have much work and investment to do in order to realize our economic ambitions,” concluded Elkuwaiz, who wished that the forum’s panels and activities would contribute to improving the capabilities of the financial sector’s human capital, eventually leading to aligning such capabilities and skills with the sector future needs. The Financial Academy Forum is held annually with a view to enhancing the professional growth, strengthening links between the sector and the industry professionals, and advancing the sustainable development of human capital in the Kingdom of Saudi Arabia.
News
10 September, 2024
The Financial Academy (FA) has revealed the date for the third edition of its annual forum. According to the leading financial education and training institution, the Financial Academy Forum 2024 (FAF 2024) will be happening on October 9th, under the patronage of H.E. Mr. Mohammed bin Abdullah Elkuwaiz, Chairman of the Capital Market Authority (CMA) and Chairman of the Board of Trustees of the Financial Academy. The event is inspired by the FA’s strategies and initiatives aimed at enabling the Saudi financial sector to develop, thrive and prosper. Held under the theme “Sustainable Talent Growth,” the Forum covers numerous key topics relevant to its message of “Fostering Institutional Excellence Through Training and Development (T&D) Best Practices in Modern Era”. Thus, the panel discussions address issues such as Leadership in the Age of Technology and Innovation; Thriving through Rapid Changes: Building a Culture of Continuous Learning; AI as a Tool for Improving Employee Experience and Boosting Productivity in Modern Workplaces; and the Role of T&D and Talent Development in Navigating Sustainability. The FAF 2024, due to take place at King Abdullah Financial District (KAFD) in Riyadh, aims to empower leaders to leverage technology and drive innovation, integrate continuous learning into employee’s career journey, enhance training effectiveness using AI-driven evaluations and continuous improvement, and foster sustainability through T&D. Serving as an annual, vibrant platform for finance industry decision makers, the Forum attracts senior government officials, heads of authorities and institutions, CEOs, as well as distinguished researchers, academics, experts and professionals in finance and investment areas. They gather to explore new methods and techniques for improving the financial sector human capital’s capabilities and skills in alignment with the sector’s future needs. Learn more about the FAF 2024 agenda and register for the event via the Forum website: Here
News
08 September, 2024
The Debt Market and Derivatives Forum (DMDF) 2024 has wrapped up, as its panel discussions and workshops, led by finance local and regional experts and professionals, delivered multiple outcomes. The conclusions mostly focused on developing the Kingdom’s capital markets and spurring more foreign investments into Saudi market, which aims to attain a high rank on world’s leading indices. The Forum, organized yesterday in Riyadh by the Financial Academy (FA) in partnership with Saudi Tadawul Group, featured numerous technical workshops on debt market and derivatives that were conducted by industry experts, professionals and CEOs. Deepening Market Liquidity: Building Resilient Bond Markets, a workshop delivered by Andy Hill, Managing Director of International Capital Market Association (ICMA), was particularly valuable. In a similar vein, Abdullelah Alqahtani, Domestic Debt and Structured Product Listing Team Leader at Saudi Tadawul, led a workshop on Debt Instruments and Their Effective Role in Corporate Finance that also addressed benefits and risks associated by debt instruments, and reviewed practical cases of issuing debt instruments in the Saudi market. Likewise, Erik Bertrand, CME Group, gave an overview on traded derivatives (fundamentals, requirements and benefits), explaining how to utilize these tools, and the potential benefits of using them in investment and hedging strategies. Finally, Rob Langrick, Chief Product Advocate, CFA Institute, conducted a workshop on debt markets, derivatives, and the role of the CFA Program. He highlighted key concepts and practical applications in debt markets and derivatives. Langrick also pointed out how professionals can leverage the CFA program to enhance their knowledge and skills. The DMDF, which attracted local and regional stakeholders, was held under the theme of “Unlocking Growth Opportunities” and covered significant finance topics such as Inside KSA’s Debt Capital Market, Derivatives Market Development in the Middle East, and Debt Capital Market Development: Local and Global Trends. Thanks to the Forum’s panel sessions, participants managed to explore promising opportunities in bond and sukuk market, key emerging potentials for stimulating growth and new insights into futures markets, which would more effectively enhance decision-making and risk management in local and regional finance industry in the future. The speakers recognized the boom experienced by the Kingdom of Saudi Arabia’s debt and derivatives market thanks to developing multiple vital roles that helped diversify finance resources and boost liquidity, which will pick up local and regional capital markets’ appetite to finance of huge projects, including those of infrastructure and energy. In addition, using derivatives as tools for risk management will witness an expansion, futures and options will have larger role in Saudi markets, and foreign investment inflows will further increase because of the improved regulatory environment and the global investors’ growing confidence. The Financial Academy, through the Forum, worked with different partners to raise awareness and exchange expertise on various issues such as the new financial instruments, risk management, promoting transparency in markets, and strengthening the Kingdom’s status as a leading regional and global investment destination. In doing so, the FA cooperated with respected local and international entities like Saudi Tadawul Group, Chicago Mercantile Exchange (CME), and Chartered Financial Analyst (CFA) Institute. The academy seeks to develop and support national talents by offering training programs and professional certificates that cope with the emerging needs of finance industry.
News
03 September, 2024
The Financial Academy (FA) has celebrated the graduation of 31 Saudi innovators, including young men and women, during the closing ceremony of the “Fintech Bootcamp 2024” in Riyadh. The camp was organized in cooperation with FintechSaudi and the Small and Medium Enterprises General Authority (monsha’at). It’s designed to qualify national professional cadres in the fintech industry, which is aligned with the Financial Sector Development Program (FSDP), one of Vision 2030 targets. Mr. Mana bin Mohammed AlKhamsan, CEO of the Financial Academy, commented that the six-week intensive bootcamp, throughout 150 hours of education, created an optimally motivating environment for preparing and developing the next generation of the Kingdom’s fintech pioneers. He explained that it presented the Saudi ambitious young people with the opportunity to explore the realms of data analysis, the fintech emerging technologies and the artificial intelligence (AI). The program, he noted, empowered the participants to develop projects and prototypes. “The Fintech Bootcamp is one of the key initiatives spearheaded by the FA in order to support finance and technology sectors and contribute to the advancement of the national economy. So, the Academy, through such activities, seeks to develop national talents in the field of financial technology by providing an ecosystem that is favorable for building innovations under supervision of a selection of professional fintech trainers, mentors and experts,” AlKhamsan said. He asserted that the FA will continue to commit to developing the capabilities of finance human capital by devoting its physical and human resources to this end, and launching effective initiatives that support the achievement of the goals of the Kingdom’s Vision 2030. “As we pursue our goal of making the Kingdom of Saudi Arabia a leading fintech hub, we strive to nurture and develop the national young talents with a view to enhancing the digital economy and fostering the cultures of innovation and entrepreneurship,” he concluded. The Financial Academy is an independent legal and administrative entity that is organizationally located under the Chairman of the Board of the Capital Market Authority. The Academy seeks to qualify the financial sector’s human resources by advancing the knowledge, capabilities, skills and culture of its staff, including senior managers and board members. The FA also develops and promotes best professional financial practices, targeting all segments of the financial sector such as banking, finance, insurance and capital market.
News
21 August, 2024
- The Financial Academy (FA) has announced that it will host in September the “Debt Markets and Derivatives Forum 2024” under the auspices of H.E. Mr. Mohammed Elkuwaiz, Chairman of the Capital Market Authority (CMA) and Chairman of the Board of Trustees of the Financial Academy. The event - inspired by the FA’s strategy and initiatives designed to enable the Saudi financial sector to develop, advance and prosper - will be attended by sector leaders, finance experts and securities professionals. Mr. Mana bin Mohammed AlKhamsan, the CEO of the Financial Academy, commented that the Forum is an outcome of the Academy’s strategy, which aims to build a diverse portfolio of innovative solutions that align with industry trends and enhance the employability of human capital. These solutions, he added, should upgrade capacities and internal tools to support the strategic direction, spread the culture of continuous learning and excellence and ensure financial sustainability. “The Forum will be held in Riyadh on Sunday, September 8, 2024, and will include a series of panel sessions and side workshops featuring financial sector leaders and regional and international industry experts. It will explore the latest economic developments as well as the shifts in local, regional and global investment strategies.” “The Forum will also serve as a platform for engaging with thought leaders and policymakers to exchange ideas and insights on shaping the future of capital markets. Additionally, the event provides an opportunity to connect with industry professionals from around the globe to build valuable relationships and collaborative opportunities,” said AlKhamsan. The “ Debt Markets and Derivatives Forum 2024” taking place under the theme of “Unlocking Growth Opportunities,” discusses several significant topics such as Inside KSA’s Debt Capital Market, Derivatives Market Development in the Middle East, and Debt Capital Market Development: Local and Global Trends. Moreover, a number of workshops focusing on debt markets and derivatives topics will be held on the sidelines of the forum. One of these workshops will provide a deep insight into the concept of debt as a corporate financing tool, and how it is issued and used to attract capital. Another one will give full information on traded derivatives, including futures & options in regulated markets, in addition to shedding light on capital debt markets and derivatives. A third workshop will be centered on the role of Certified Financial Analyst (CFA) programs in qualifying financial analysis professionals. For those interested to attend the workshops, please click on this link for registration Debt Markets and Derivatives Forum 2024 (fa.gov.sa) .
News
03 July, 2024
The Financial Academy (FA) has launched the “Fintech Bootcamp 2024” in collaboration with FintechSaudi and the Small and Medium Enterprises General Authority (monsha’at). A total of 30 Saudi innovators, including young men and women, are participating in the unique financial technology experience. The camp is intended to contribute to building national specialized cadres in the field, leading eventually to making the Kingdom a fintech hub, in alignment with Vision 2030’s Financial Sector Development Program (FSDP). The bootcamp provides a motivating environment where the next generation of the Kingdom’s fintech pioneers can be qualified. It offers the Saudi youth an opportunity to immerse themselves in a six-week training to explore the realms of data analysis and emerging technologies in fintech and artificial intelligence (AI). The boocamp will enable the participants to develop projects and prototypes as well. “The bootcamp is one of the key initiatives spearheaded by the Financial Academy to support the financial and technology sectors and contribute to the advancement of the national economy. So, the FA, through such activities, develops national talents in the field of financial technology by providing an ecosystem that is favorable for building innovations under supervision of a selection of professional trainers, mentors and experts,” remarked Mr. Mana bin Mohammad AlKhamsan, CEO of the Financial Academy. He explained that the camp covers a wide range of topics such as design thinking, data analysis, emerging financial technology, artificial intelligence (AI), agile management, data analytics and insight-driven decision making, data visualization, storytelling using financial technology and emerging technologies, the AI, the AI-supported growth, automation optimization, leading the digital transformation as well as pitching and presentation skills. “The bootcamp will progress through various stages, including selection, onboarding, team formation, the training bootcamp, the hackathon, until it culminates on the Demo Day,” AlKhamsan added. The Financial Academy is an independent legal and administrative entity that is organizationally located under the Chairman of the Board of the Capital Market Authority. The Academy seeks to qualify the financial sector’s human resources by advancing the knowledge, capabilities, skills and culture of its staff, including senior managers and board members. The FA also develops and promotes best professional financial practices, targeting all segments of the financial sector such as banking, finance, insurance and capital market.
News
09 June, 2024
Mr. Mana bin Mohamad Al-Khamsan, CEO of the Financial Academy (FA), said that the finance training market is forecast to hit SR1 billion by the year 2026, while target audience for professional training and certificates is set to grow to 132,000, citing a relevant study that was conducted in 2023.Al-Khamsan made the statements during an interview with Harvard Business Review magazine. "The skills required by labor market are dramatically and rapidly changing, especially when it comes to the financial sector, which necessitates qualifying more human capital in order to close the skill gap," he noted.The World Economic Forum estimated that AI will replace 85 million jobs across the globe by 2025, stated Al-Khamsan, indicating that half of current employees need to develop new skills. Hence, he urged organizations to take serious and practical steps to invest in their employees and redesign jobs to be more adaptable to change.Highlighting the Financial Academy's role in supporting KSA's financial sector's directions and developing the capabilities of human cadres, Al-Khamsan said that the FA efforts are driven by an ambitious strategy that is based on four main pillars: The Academy's subject-matter expertise, analyzing the needs within industry, keeping up with the renewed strategies of FA's stakeholder partners, and analyzing the emerging trends in human capital development area.The CEO further explained that the Academy's strategy aims to build a diverse portfolio of training programs and professional certificates that aligns with the financial sector's targets."It is designed to enhance human capital readiness for job roles, upgrade the organizations' internal capabilities and tools to support their strategic direction, promote the culture of excellence and continuous learning, and guarantee financial sustainability.""Additionally, the FA is committed to advancing cooperation with its strategic partners in Capital Market Authority (CMA), Saudi Central Bank (SAMA), Insurance Authority (IA), as well as its clients and partners in the financial sectors, with a view to strengthening ties with stakeholders, understanding their needs and bringing up innovative solutions that would help improve human competencies and talents."Al-Khamsan added that the FA results for the year 2023 showed significant growth of indices, including those of training programs, beneficiaries and certificates, with some surging 200 percent."The number of training programs grew over 1700; trainees exceeded 37,000; examinees surpassed 31,000; while professional certificates reached 43. These figures are just the initial outcome of a new vision that the FA started to adopt at the beginning of the current year (2024). This vision aspires to make our Academy the number-one option for all finance industry stakeholders seeking to improve and advance the capabilities of their human capital."Speaking on the Financial Academy's new initiatives aiming to boost the development of financial sector's human resources, the CEO disclosed that the FA launched specialized centers covering all industry subsectors. "Each sector is tasked with analyzing a specific sector's professional needs and pitching the proper training solutions accordingly. Two centers for online and leader and board-member training were initiated as well."Al-Khamsan concluded that the Academy will continue to offer specialized programs and international professional certificates at subsidized costs and expand the scope of its support by providing the financial sector with expert studies and reports that focus on the development of human capabilities.
News
19 May, 2024
The Financial Academy (FA) and Bank AlJazira inked a cooperation agreement to enhance joint cooperation on different areas. The deal focuses on developing human capital capabilities, implementing training programs and workshops, conducting research studies, and collaborating to execute initiatives that help achieve the goals of the Financial Sector Development Program (FSDP) – a key components of the Kingdom's Vision 2030.The agreement was signed by Mr. Mana bin Mohammad AlKhamsan, CEO of the FA, and Mr. Faisal bin Mashour Al-Mansour, Head of the Human Capital and Corporate Support Group at Bank AlJazira.Mr. AlKhamsan commented that the partnership is inspired by the Academy's strategy aiming to develop and advance the capabilities of the financial sector employees."As per the agreement, the FA will deliver workshops and training programs tailored to Bank AlJazira's staff, in addition to seminars, workshops and open sessions for the public. Moreover, the Academy will promote the employees' technical competencies related to the bank's areas of operation, and provide reports and reference research to be used in training workshops and programs," he explained.The Financial Academy is an independent legal and administrative entity that is organizationally located under the Chairman of the Board of the Capital Market Authority. The Academy seeks to qualify the financial sector’s human resources by advancing the knowledge, capabilities, skills and culture of its staff, including senior managers and board members. The FA also develops and promotes best professional financial practices, targeting all segments of the financial sector such as banking,finance, insurance and capital market
News
17 May, 2024
Mr. Mana AlKhamsan, CEO of the Financial Academy (FA), participated in the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units, giving a keynote address. The event was held in Riyadh under auspices of His Royal Highness Prince Mohammad bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.In a speech entitled "Improving the Financial Sector Staff's Capabilities to Combat Financial Crimes and Corruption," AlKhamsan stated that the launch of KSA's Vision 2030 has marked the beginning of the Kingdom's real rise to the ranks of global advanced nations, since it included ambitious plans as well as economic, social and development programs."Among these essential components is the Financial Sector Development Program (FSDP) which focuses on strengthening the capacities of the financial sector's human resources, culminating in launching the Financial Academy in 2020 as a powerhouse for developing financial knowledge, skills and expertise," noted AlKhamsan."In doing so, the FA provides a wide range of innovative and effective activities, solutions and technologies that would boost the professional development of the financial sector's employees and support the collective efforts aiming to achieve human capital sustainable development."He explained that the Academy, being a leading institution specializing in professional financial training, is fully aware of the dangers of financial crimes and their negative effects on societies and economies."Since the FA believes in the significance of its role with regard to qualifying human resources in the areas of Compliance, Financial Crimes Prevention (FCP), Anti-Money Laundering (AML), and Countering the Financing of Terrorism (CFT), it designed a package of specialized training programs and professional certificates, and organized several gatherings and awareness seminars that center on these issues," he added.AlKhamsan revealed that a total of 545 programs were carried out, benefiting about 9,000 trainees working in sectors of banking, financing, insurance and securities, in addition to governmental stakeholders. "Recognizing the importance of specialized professional certificates in advancing the competencies of human resources in different sectors, the FA provided a variety of the most prestigious certifications in partnership with internationally-renowned associations and institutions, most prominently the Association of Certified Anti-Money Laundering Specialists (ACAMS) and the International Compliance Association (ICA). More than 2,500 male and female practitioners obtained these certificates until now."The CEO concluded that the Financial Academy is committed, in compliance with its strategy, to continuously delivering the best training programs and professional certificates in the fields of combating financial crimes, money laundering and financing terrorism through strengthening its global partnerships in these areas. He finally wished success for the forum.
News
15 May, 2024
The Financial Academy (FA) is taking part in the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units, held May 15 - 16 in Riyadh, under auspices of His Royal Highness Prince Mohammad bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia. The FA's participation is intended to showcase its products and highlight its role in strengthening anti-fraud and anti-money laundering (AML) capabilities.The Academy's CEO, Mr. Mana AlKhamsan, delivers a keynote speech entitled "Improving the Financial Sector Staff's Capabilities to Combat Financial Crimes and Corruption."The gathering, hosted by the Presidency of State Security and the Oversight and Anti-Corruption Authority (Nazaha), addresses major issues related to anti-corruption and financial intelligence units' activities. It brings together 600 experts and 75 speakers from KSA and all over the globe. International organizations, governmental and academic entities, and financial institutions are featuring in the event as well.The Financial Academy is an independent legal and administrative entity that is organizationally located under the Chairman of the Board of the Capital Market Authority. The Academy seeks to qualify the financial sector’s human resources by advancing the knowledge, capabilities, skills and culture of its staff, including senior managers and board members. The FA also develops and promotes best professional financial practices, targeting all segments of the financial sector such as banking, finance, insurance and capital market
