Regulators Across the UAE Unite to Issue the Guidelines for FIs Adopting Enabling Technologies

Regulators Across the UAE Unite to Issue the Guidelines for FIs Adopting Enabling Technologies

The enabling technologies the Guidelines refer to include Application Programming Interfaces; Big Data Analytics and Artificial Intelligence; Biometrics; Cloud Computing ; and Distributed Ledger Technology . The objectives of these Guidelines are to promote the safe and sound adoption of these technologies by financial institutions across the UAE, so that the risks arising from the adoption of innovative activities are proactively and appropriately managed. The issuance of the final Guidelines follows a public consultation launched in June 2021. In finalising the Guidelines, the Regulators have considered international standards, industry best practices and the valuable feedback received from market participants during the public consultation. The Guidelines will apply to all financial institutions that are licensed and supervised by any of the Regulators and that utilise the enabling technologies, irrespective of the financial activities conducted. Commenting on the launch of the guidelines, Saif Al Dhaheri , Assistant Governor – Strategy, Financial Infrastructure and Digital Transformation at the CBUAE , said: “Through the guidelines, we aim to direct licensed financial institutions to adopt technologies that enable modern financial services and promote innovation. These guidelines reflect the Central Bank’s keenness to team up with regulatory authorities in various fields, including issuing unified and common