Image Credit: Bloomberg
Dubai: The Qatar Central Bank (QCB) announces new guidelines for the use of Artificial Intelligence (AI) by financial institutions in the country.
This move aligns with the Third Financial Sector Strategy and the FinTech Strategy, according to a QCB statement.
The QCB’s initiative underscores its commitment to advancing and regulating Qatar’s financial sector. “The introduction of AI technologies represents a pivotal opportunity for financial institutions in Qatar. By harnessing AI, these institutions can innovate and develop cutting-edge products and services that satisfy the customers’ needs and align with global standards and best practices,” stated the Qatar Central Bank.
AI offers numerous benefits, including enhanced operational efficiency, faster service delivery, and improved customer experiences, all of which contribute to greater satisfaction with financial services.
AI helps reduce operational costs, increases transparency in transactions, and improves security by detecting fraudulent activities. These advancements not only enhance the competitiveness of Qatar’s financial markets but also support sector development, attract investment, and promote sustainable growth.
QCB affirmed its ongoing dedication to fostering the growth of the FinTech sector, enhancing operational efficiency, and driving innovation in financial and banking services, in alignment with Qatar National Vision 2030, which has a target of transforming Qatar into an advanced society capable of achieving sustainable development.
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