The Financial Services Regulatory Authority (FSRA), the supervisory arm of Abu Dhabi Global Market (ADGM), is planning to explore the use of artificial intelligence (AI) to improve the regulation of the financial services sector.
The FRSA has signed a memorandum of understanding with Abu Dhabi-based Mohamed bin Zayed University of Artificial Intelligence (MBZAI) to develop AI-based tools for compliance tasks and processes.
According to an announcement, the tools will use AI to “generate insights and information from financial regulations and rules that can be fed into regulatory decisions and processes”.
In addition, the tools will be publicly shared and made available to firms within the financial services sector, including asset managers.
“Through regulatory innovation, we are committed to the vision of Regulation-as-a-Service for the financial community to enhance investor protection and promote the integrity of the financial system,” said Emmanuel Givanakis, CEO of the ADGM FSRA.
Givanakis also stressed the importance of collaboration and open dialogue. “As ADGM and MBZUAI move forward with this groundbreaking initiative, we actively invite insights, feedback, and partnership opportunities from the wider financial community,” he said.
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