The judging panel of Capital Finance International presented the Securities and Commodities Authority (SCA) with the 2020 Outstanding Contribution to Inclusive Finance Award.
According to a report by the judges of the UK headquartered journal, the SCA received the award in recognition of the solid foundation upon which its vision rests, as well as its cooperative professionalism, sustainable strategy, and state-of-the-art tech systems that aim to secure remote working and ensure business continuity throughout the COVID-19 pandemic. The SCA was also recognized for its keenness to solicit stakeholder feedback on regulatory drafts via its online portal, allowing the public to contribute to the decision-making process.
The judges’ report described the SCA as a pioneer and reputable partner in emerging markets and indicated that it is working closely with the World Bank Group on international regulations and governance.
The report also said that the SCA has active social media channels and makes full use of smartphone applications. It concluded that the SCA has a set of strategic priorities that aim to enhance financial inclusion and empower and support women’s role in the industry.
According to the report, the SCA looks to shift capital markets to a horizontal model and to increase female representation on boards. It also seeks to strengthen Islamic capital markets and sustainable financial markets by working closely with regional bodies and governments to open foreign direct investment ceilings, thus helping to establish strict standards that prioritize ESG performance.