QCB issues guidelines on use of Artificial Intelligence in financial sector

Published: 5 September 2024

AI to help improve efficiency, reduce costs

QNA DOHA: The Qatar Central Bank (QCB) has issued the Artificial Intelligence (AI) guidelines to regulate the use of Al within the financial sector.

In a statement on Wednesday, the QCB said that adopting Al technologies offers various benefits to financial institutions to develop products and services for customers through the use of the latest technologies and several advanced methods that keep pace with the latest international practices and standards.

AI offers other benefits and advantages to the financial sector as it helps in improving operational efficiency by speeding up service delivery, which achieves a unique experience for customers and increases their satisfaction with the financial services provided. In addition, its use in the financial sector helps in reducing costs.

These advancements contribute to increased development, competitiveness, and the sustainability and growth of the financial sector in the State of Qatar.

The QCB affirmed commitment to present effective and valuable initiatives to create an environment conducive to the growth of the financial technology sector in order to develop the financial sector and enhance operational efficiency and the spirit of innovation in financial and banking services in the country in line with Qatar National Vision 2030.