QCB issues AI guidelines for financial institutions in Qatar

Qatar Central Bank (QCB) has issued Artificial Intelligence (AI) guidelines for financial institutions in the country.

This is in line with the Third Financial Sector Strategy and the FinTech Strategy, QCB said Wednesday.

This initiative reflects the QCB’s commitment to advancing and regulating the financial sector within the country.

“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,” Qatar Central Bank noted.

AI offers many other benefits and advantages as it promises to improve operational efficiency, expedite service delivery, and deliver a superior customer experience, thereby increasing overall satisfaction with financial services.

Additionally, AI contributes to reducing operational costs and bolstering transaction transparency. Its ability to detect fraudulent activities enhances security and fortifies the competitiveness of Qatar's financial markets on both regional and global levels.

This, in turn, supports the development of the sector, attracts investment, and ensures sustainable growth.

Qatar Central Bank said it “remains dedicated” to providing valuable initiatives aimed at driving the growth of the Fintech sector in the country, elevating operational efficiency, and inspiring innovation in financial and banking services, all in line with Qatar National Vision 2030.

The guideline can be viewed on Qatar Central Bank’s official website.