During the hackathon, the Saudi Financial Academy announced its plan to train a national cadre "specialized in future technologies" The cadre will carry out the task of making the Kingdom a global center for financial technology RIYADH: The open banking market has expanded significantly over the past years and is expected to grow to $43 billion by the year 2026 from $7 billion in 2018, the chairman of Saudi Arabia"s Capital Market Authority (CMA) said on Sunday. Speaking at the conclusion of the “Open Banking Hackathon 2024” in Riyadh, Muhammad bin Abdullah Al-Quwaiz said this remarkable growth reflects the increasing acceptance and integration of open banking frameworks around the world, state media reported. "It is also evidence of the crucial role that open banking plays in shaping the future of financial services, thanks to its ability to enhance transparency, improve the experience of customers, and encourage fair and effective competition between financial institutions," Al-Quwaiz was quoted by Al Ekhbariya as saying. Al-Quwaiz, who is also chairs the Board of Trustees of the Saudi Financial Academy, spoke in the presence of leaders and experts of the financial sector in the Kingdom. The hackathon is "the first qualitative innovative initiative presented by the Financial Academy after announcing its new strategy," which includes building a national cadre "specialized in future technologies, with the aim of making the Kingdom a global center for financial technology in line with the financial sector development program of the Kingdom’s vision 2030," Al Ekhbariya said. A separate report by the Saudi Press Agency, or SPA, quoted Al-Quwaiz as saying that a 2023 study has projected the volume of the market value of training in the sector to rise from SAR 788 million ($210 million) to about SAR 1 billion ($266.5 million) by the year 2026. The report said the number of people targeted for training is expected to increase to more than 130,000. Mana Al-Khamsan, the CEO of the Financial Academy, explained that the hackathon was aimed at giving the academy a chance to learn the basics of open finance with a focus on open banking services, the SPA report said. It also aimed to give the academy a chance to understand the technological infrastructure behind open banking systems, analyze the regulatory framework and compliance requirements, in addition to studying the impact Open banking on financial institutions and consumers, assessing the potential benefits and risks associated with open banking, as well as developing practical skills for implementing open banking solutions. Al-Khamsan said the hackathon targeted professionals in the banking and financial services, as well as from financial technology companies in Saudi Arabia, in addition to software developers, who have two years or more experience in financial services, financial technology, or software development. The participants received intensive qualitative training and professional guidance from professional experts, in addition to a certificate from the Financial Academy and accredited international bodies (Silicon Valley Innovation Center, LAU, Ozone API).