Regulators in UAE publish rules for financial organizations to use enabling technology

2021-11-16 03:18:29

(MENAFN) Officials of banks and financial free regions in the Emirate have mutually published strategies to aid financial organizations securely employ enabling technologies as the Coronavirus accelerates digitization.

The strategies were published by the Central Bank of the UAE (CBUAE), the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC) as well as the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

The rules lay out better methods for financial organizations when implementing enabling technologies like application programming interfaces, which permits financial technologies to operate with banks’ software; Big Data analytics; artificial intelligence; biometrics; cloud computing as well as distributed ledger technology.

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