Rapid growth in fintech underlines need for regulation and supervision

KUWAIT: The Central Bank of Kuwait is hosting a panel discussion on financial technology (fintech) regulation and oversight from Feb 20-23, 2023. Representatives of central banks and monetary institutions of the Gulf Cooperation Council (GCC) countries are participating in the panel discussion, organized by the International Monetary Fund’s Center for Economics and Finance in the Middle East (CEF).

In a press statement, the Central Bank of Kuwait indicated that in the context of the significant growth in modern financial technologies and the expansion of opportunities offered by them, it is important to develop regulatory and supervisory solutions and tools to develop digital financial services and support financial inclusion. This will also help the industry develop financial innovations on the one hand and improve risk management on the other, providing protection for users of digital financial services.

Participants of the workshop pose for a group photo.

The CBK stated that the workshop aims at deepening awareness of the concepts and tools of regulatory and oversight technologies and their latest developments, in addition to getting acquainted with the methodologies and experiences of leading countries by reviewing international experiences to adopt these technologies. The impact of Big Tech companies on financial services will also be addressed. As for cybersecurity, the panel discussion will review cyber risks and international best practices in this field.

The CBK hosts this panel discussion within the framework of the annual series of panel discussions organized by it, aiming to develop the capabilities of employees of Gulf monetary institutions and central banks, and inform them of the latest developments in the field of banking supervision. The CBK concluded its statement by emphasizing the importance of the role played by monetary institutions and central banks within the framework of efforts to maintain financial stability, which requires strengthening the capabilities of cadres working in central banks and monetary institutions and developing them according to the best international practices in this field.

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