ADGM highlights AI's role in financial services sector

According to Amac News: Based on FSRA, the main focus of this session of the summit was dedicated to the role of artificial intelligence (AI) in the financial services sector.
Considering the developments that are taking place in the financial field due to emerging trends and technologies, ADGM emphasized the importance of responsible supervision of the use of artificial intelligence.
Attended by senior regulatory representatives from the Middle East and North Africa (MENA), EU, UK and Asia, the summit provided an opportunity for global financial regulatory leaders to discuss the risks and challenges associated with AI adoption.
ADGM also explored strategies to promote innovation while maintaining customer protection, market integrity and the responsible use of AI by authorized financial institutions and supervisors.
In the first round table, the applications of artificial intelligence in the fields of licensing, supervision and law enforcement in financial services were reviewed and the potential of this technology to increase efficiency and speed through advanced analytics was emphasized.
The second panel discussion examined the risks and opportunities facing supervisors in adopting artificial intelligence solutions, and key results and important insights regarding supervisory and inspection approaches were obtained.
The dialogues have also encouraged stronger global collaboration in the field of artificial intelligence with the aim of creating common best practices. The results of this summit were officially presented to the public participants of the Abu Dhabi Financial Week.