Within the framework of the continuous cooperation between the Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA), and within the initiatives of the Financial Sector Development Program, one of the main programs of the Kingdom's Vision 2030, Dr. Ahmad bin Abdul Karim Al-Kholify, Governor of the Saudi Arabian Monetary Authority, and Mr. Muhammad bin Abdullah Al-Quweiz, Chairman of the Board of the Financial Market Authority signed A memorandum of cooperation between the two parties to work on establishing a financial academy specialized in training and qualifying financial sector employees.

                The Financial Academy aims to raise the level of performance in financial services jobs in the Kingdom by developing the capabilities and skills of workers in the financial sector and providing training solutions to them. The Academy also seeks to raise professional standards for training and qualification in accordance with the best international academic practices in this sector, and by developing and providing specialized professional tests, and granting professional certificates in addition to preparing studies and research and holding specialized seminars and conferences. The Financial Academy will also have an important role in promoting financial awareness and spreading financial culture in the Kingdom.

                The memorandum of cooperation included setting up a framework for cooperation between SAMA and CMA in order to complete the necessary steps to establish the academy in accordance with the necessary legal procedures, and it is expected that the financial academy will have an independent and not-for-profit legal personality.  The two parties - SAMA and CMA - will participate in sponsoring it and providing the necessary support to carry out its work. Noting that the Financial Institute affiliated to SAMA shall continue providing its services and programs during the transitional period, including programs dedicated to the financial market sector supervised by SAMA until the completion of the procedures for establishing the academy.