To meet the objectives of the Third Financial Sector Strategy and the FinTech Strategy, the Qatar Central Bank ("QCB") recently issued its Artificial Intelligence ("AI") Guidelines ("Guidelines"). The Guidelines aim to ensure financial institutions' safe, efficient, and transparent use of AI by addressing such topics as corporate governance, risk management, outsourcing, human oversight, and QCB approvals.
AI offers many benefits to financial institutions, including increased efficiency, improved customer service, and expedited service delivery. It also assists in developing new products and services conforming to international best practices. AI can also detect fraudulent activities, thereby enhancing transactional security.
For additional information, the Guidelines may be found here: https://www.qcb.gov.qa/en/Pages/FinancialTechnology.aspx
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