Central Bank Governor Adel Sharkas said that digital and technological solutions introduced in the past decade, including digital banking applications and payment platforms through cell phones, have enhanced the efficiency of financial transactions and provided convenient and effective payment methods for the public. Speaking at a panel discussion at the Dead Sea, part of the government-held forum on the national economic modernization vision launched last year, Sharkas said that innovations in financial services helped to enhance the risk management capacity through advanced analysis, artificial intelligence and machine learning techniques that made it possible to assess risks more accurately, boosted financial stability and flexibility in detecting fraud and verifying regulatory compliance and enhanced the financial sector’s confidence and reliability. With the aim of turning the Kingdom into a financial technologies hub, enhance its regional and international status and attract investment in the financial sector, Sharkas said the regulatory governance environment has been re-engineered to create an incubator for entrepreneurs to promote innovation and boost the competitiveness of digital financial services.

Source: Jordan News Agency