Central Bank of Jordan launches new regulatory framework for banking sector's AI integration
The Central Bank of Jordan (CBJ) announced issuance of a regulatory framework for using artificial intelligence (AI) in the Jordanian banking sector, Petra reports.
In a statement Tuesday, CBJ Governor, Dr. Adel Sharkas, said the the framework is an "important" step in boosting the banking sector and reflects the bank's "commitment" to strengthening the digital infrastructure of the financial industry by enabling the "safe, responsible, and thoughtful" integration of AI technologies.
Sharkas added that AI is "one of the key enablers of digital transformation and an effective driver of economic development."
Earlier formed by the CBJ, he praised efforts of the Steering Committee for AI and Emerging and Future Technologies in the Financial and Banking Sector, as an "institutional" initiative to support the "safe and effective" integration of emerging technologies.
The new structure is part of the CBJ's efforts to enable digital shift in the Kingdom's financial and banking sector and provide a "flexible and secure" regulatory environment that facilitates integration of innovative financial technologies.
The framework contributes to establishing "clear" regulatory foundations that help banking institutions "effectively" integrate AI solutions, while observing principles of sound governance, risk management, data protection and privacy, and use of modern technologies.
On its goals, the framework seeks to support innovation and ensure the safe and responsible use of modern technologies, which would enhance the Kingdom's position as a "regional financial technology hub and keep pace with national trends to achieve digital transformation and economic modernization."
Earlier, it was reported Kazakhstan is to launch a virtual assistant for consumer rights protection.
