AMEDA’s 39th annual forum focuses on the integration of AI and sustainability into CSDs

Doha, Qatar: The 39th annual forum of the Africa & Middle East Depositories Association (AMEDA) was held for the first time in Qatar under the patronage of

HE Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank (QCB), yesterday.

Qatar Central Securities Depository (EDAA) hosted the forum, which was attended by more than 80 participants from 30 different countries, including senior officials, banking and financial stakeholders. The theme of this year’s forum was ‘The growing use of AI in CSDs and sustainability through new initiatives while maintaining data security’, highlighting the importance of embracing innovation and ensuring the integrity and security of financial systems.

During the opening speech, Deputy Governor of QCB and Chairman of the Board of Directors of Edaa, HE Sheikh Ahmed bin Khalid Al Thani, said: Qatar is a leading country in adopting advanced technologies and AI. QCB’s 2023 initiatives are based on four pillars: banking, services, insurance, capital markets. “This year we are focusing on key themes and as you know, AI is reframing the financial scene and we in Qatar are using this technology to offer new products, simplify transactions and come up with new criteria and standards.”

“We are fully committed to using AI responsibly to achieve the progress we all strive for, and the Qatar National Strategy aims to develop our strategic capabilities as part of the Qatar National Vision 2030. This requires the use of AI and this strategic complementarity aims to increase the resilience of our economy to respond to international challenges, to develop our markets and this is the cornerstone for our long-term prosperity,” Sheikh Ahmed added to.

Edaa CEO Sheikh Saif bin Abdulla Al Thani expressed immense pride in hosting AMEDA’s 39th annual forum in Doha. He highlighted the forum’s unique opportunity to engage in discussions, deliberate on the future of the region’s capital markets and jointly achieve transformative change.

Abdulla Jaffar Abdin, speaking at the forum

“Edaa’s membership of AMEDA, an esteemed association known for its excellence and collaborative spirit in the securities depository industry, reinforces our commitment to driving transformation within the Central Securities Depositories (CSD) market – a central pillar of our strategic vision for the capital of the region. markets,” Sheikh Saif said.

“Our commitment at Edaa is unwavering: we want to lead this transformation by ensuring the resilience and adaptability of our market infrastructure to meet the evolving needs of the global investment community. We are steadfast in our pursuit of technological advancements that improve operational efficiency and safety, thereby fueling Qatar’s economic growth.”

“Our overarching goal is to propel Qatar to developed market status and attract globally competitive companies to participate in our thriving capital markets landscape. Through strategic initiatives such as expanding cash dividend distribution capabilities, establishing electronic mechanisms for the Annual General Forum (E-AGM) and improving the overall investor experience, we not only aim to to meet, but even exceed, expectations of both local and international investors.” .

Also speaking at the forum, Abdulla Jaffar Abdin, Chief Operating Officer, Bahrain Clear, Chairman, AMEDA, Vice Chairman, WFC, stated: “I would like to express our most sincere gratitude and appreciation to Edaa for their warm welcome and for providing an exceptional environment for our 39th forum in Doha. Our partnership with Edaa reflects our mutual commitment to promoting innovation and excellence in the Central Securities Depositories (CSD) sector. As President of AMEDA, I am pleased to welcome our esteemed members and guests to the 39th Forum in Doha, an event that highlights our commitment to leading pioneering and environmentally sustainable practices within the CSD industry. “

“This year our focus is on integrating artificial intelligence and sustainable initiatives into CSDs, with a strong emphasis on ensuring data and cyber security.”

Key highlights of AMEDA’s 39th Forum included discussions on AI integration in CSDs, addressing evolving financial markets by exploring how CSDs can effectively leverage Artificial Intelligence (AI) to streamline their operations, improve efficiency and improve risk management.

In addition, the forum will emphasize sustainability through new initiatives, focusing on environmental, social and governance (ESG) considerations to ensure the long-term viability of CSDs within the global financial ecosystem.