UAE launches consultation on the ‘Guidelines for Financial Institutions Adopting Enabling Technologies’
The United Arabi Emirates (UAE) authorities launched open consultation on the proposed ‘Guidelines for Financial Institutions Adopting Enabling Technologies’ which include the application programming interfaces, big data analytics and artificial intelligence (AI), biometrics, cloud computing, and distributed ledger technology. The guidelines outline the principles for cross-sectoral such as banking, insurance, asset management and securities, and best practices for financial institutions when adopting enabling technologies for the development or offering of innovative products and services. The guidelines should be adopted by all institutions that are licensed and supervised by any of the UAE regulators and who deploy such enabling technologies, irrespective of the financial activities conducted. Public comments are open until 30 June 2021.