(MENAFN- The Peninsula) Deepak John |The Peninsula
Doha, Qatar: The Africa & Middle East Depositories Association (AMEDA) 39th Annual Forum was held for the first time in Qatar under the patronage of
H E sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central bank (QCB), yesterday.
Qatar Central Securities Depository (EDAA) hosted the forum which saw over 80 attendees from 30 different countries, including senior officials, banking and financial stakeholders. The theme of this year's forum was 'The Growing Use of AI at CSDs and Sustainability through New Initiatives while Maintaining Data Security,' underscores the importance of embracing innovation while ensuring the integrity and security of financial systems.
Delivering the opening remarks, Assistant Governor of QCB and Chairman of the Board of Edaa, H E Sheikh Ahmed bin Khalid Al Thani said, Qatar has been a leading country in adopting cutting edge technologies and AI. The initiatives by QCB were 2023 are based on four pillars – banking, services, insurance, capital markets.“This year we focus on important themes and as you know AI is reformulating the financial scene and we in Qatar are utilising this technology to provide new products, simplify transactions and come up with new criteria and standards.”
“We are fully committed to employ AI in a responsible manner to achieve progress which we all aspire to, and Qatar National Strategy aspires to as part of Qatar National Vision 2030 to develop our strategic capabilities. This requires the utilisation of AI and this strategic complementarity is aimed to increase resilience of our economy to respond to international challenges, to develop our markets and this is the cornerstone for our long term prosperity,” Sheikh Ahmed added.
Edaa's CEO, Sheikh Saif bin Abdulla Al Thani, expressed immense pride in hosting the 39th Annual Forum of AMEDA in Doha. He emphasised the forum's unique opportunity for engaging discussions, deliberating on the future of the region's capital markets, and collectively driving transformative change.
Abdulla Jaffar Abdin, speaking at the forum
“Edaa's membership in AMEDA, an esteemed association renowned for its excellence and collaborative spirit in the securities depository industry, further reinforces our dedication to advancing transformation within the Central Securities Depositories (CSD) market-a central pillar of our strategic vision for the region's capital markets,” Sheikh Saif said.
“Our commitment at Edaa is unwavering-to lead this transformation by ensuring the resilience and adaptability of our market infrastructure to meet the evolving needs of the global investment community. We are steadfast in our pursuit of technological advancements that enhance operational efficiency and security, thereby fostering Qatar's economic growth.”
“Our overarching goal is to propel Qatar towards developed market status, attracting globally competitive companies to participate in our thriving capital market landscape. Through strategic initiatives such as expanding cash dividends distribution capabilities, establishing electronic Annual General Forum (E-AGM) mechanisms, and elevating the overall investor experience, we aim not only to meet but exceed the expectations of both local and international investors,” he added.
Also, speaking at the forum, Abdulla Jaffar Abdin, Chief Operating Officer, Bahrain Clear, Chairman, AMEDA, Vice-Chairman, WFC stated,“I would like to extend our most sincere gratitude and appreciation to Edaa for their warm welcome and for providing an exceptional environment for our 39th forum in Doha. Our partnership with Edaa showcases our mutual dedication to promoting innovation and excellence in the Central Securities Depositories (CSD) sector. As the President of AMEDA, I am thrilled to welcome our esteemed members and guests to the 39th Forum in Doha, an event that highlights our commitment to leading the way in pioneering and environmentally sustainable practices within the CSD industry. "
"This year, our focus is on the integration of artificial intelligence and sustainable initiatives in CSDs, with a strong emphasis on ensuring data and cyber security.”
The key highlights of AMEDA's 39th Forum included discussions on AI integration at CSDs, addressing the evolving financial markets by exploring how CSDs can effectively utilize artificial intelligence (AI) to streamline operations, enhance efficiency, and improve risk management.
Additionally, the forum will emphasize sustainability through new initiatives, focusing on environmental, social, and governance (ESG) considerations to ensure the long-term viability of CSDs within the global financial ecosystem.
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