[
Doha, Qatar: The CEO of Qatar Financial Markets Authority (QFMA), Dr. Tamy bin Ahmad Al Binali, chaired the 5th joint Meeting of the GCC Heads of Capital Market Authorities (or their equivalent) Committee with the Heads of GCC Stock Exchanges, which was held in Doha, yesterday.
In a speech opening the meeting, Dr. Al Binali said that the financial markets in various countries of the world have witnessed in recent years escalating challenges, imposed by international economic changes, especially the slowdown in economic growth rates at the same time with the rise in inflation rates and the accompanying rise in interest rates to levels that affect the performance indicators of financial markets and their stability, in addition to the challenges imposed by both geopolitical changes represented in the growth of regional conflicts and wars, especially in our Arab region and in the Middle East, as well as the rapid technological developments and the diversity and multiplicity of uses of artificial intelligence, which requires all of us to cooperate, coordinate and ensure collective work to overcome these challenges, and propose new work methodologies to deal with them in order to maintain the stability of our financial markets and their continued growth and development.
Dr. Al Binali affirmed that the GCC capital markets operate in a very similar economic and investment environment, which makes the opportunity for their integration high, which is an important input for the development of these markets and enhancing their performance indicators and their ability to achieve their objectives.
He said that the integration of the Gulf financial markets has exceeded the stage of unifying legislation and rules governing the work of the markets to enter a new stage in light of the rapid technological developments that have directly affected the methodology of the work of the financial markets, as efforts and cooperation between the financial markets and regulatory bodies in the GCC countries must be coordinated in order to unify and harmonise the technology used in our financial markets, in addition to adopting and using digital transformation solutions, electronic disclosure, artificial intelligence, machine learning and other solutions. Modern technology produced by the digital revolution or the Fourth Industrial Revolution, with the aim of improving and developing financial products and services in our financial markets, as well as enhancing the role of financial markets and regulatory bodies in containing the risks associated with these technological developments.
He explained that cybersecurity risks in particular are also witnessing very rapid developments, especially with regard to the unprecedented escalation of cyberattacks and cybercrime, and the challenges and traditional crimes that used to face the financial markets – such as money laundering, terrorist financing, bribery and corruption – are all challenges and threats that have benefited from technological developments, which requires the development of new work methodologies to confront and address them.
Dr. Al Binali noted that keeping pace with these technological developments has become an urgent necessity, and the matter here does not stop at the application of these technologies only, as the majority of financial markets, including the GCC markets, are applying them in whole or in part, but it requires continuous follow-up as a result of rapid developments, what is considered effective today may not be as effective in the near future, and this in itself represents a challenge to the work of the markets.
