Qatar Central Bank issues AI guidelines

DOHA: Qatar Central Bank (QCB) released Artificial Intelligence (AI) guidelines for financial institutions in the country in line with the Third Financial Sector Strategy and the FinTech Strategy, local media reported.

The move, according to a statement released by the Qatar Central Bank, demonstrates the bank’s commitment to developing and overseeing the nation’s financial industry.

“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,” the Qatar Central Bank said.

keeping in view the thh Qatar National Vision 2030, the Central Bank of Qatar said that it “remains dedicated” to offering worthwhile projects that would stimulate innovation in financial and banking services, improve operational efficiency, and propel the nation’s Fintech industry’s growth.

The guidelines are available on the official website of the Qatar Central Bank.

AI promises to increase overall satisfaction with financial services by delivering a greater client experience, improving operational efficiency, and speeding up service delivery, among many other advantages.

Furthermore, AI helps to improve transaction transparency and lower operating expenses. Its capacity to identify fraudulent activity improves security and strengthens Qatar’s financial markets’ competitiveness on a regional and international scale.