On November 6, the Financial Stability Board’s (FSB) Regional Consultative Group for the Middle East and North Africa convened in Saudi Arabia for a meeting focused on technological innovation and AI advancements within the financial sector. The participants discussed the benefits and risks associated with AI and anticipated the FSB’s upcoming report on AI’s financial stability implications. The meeting also addressed the increasing frequency and severity of operational and cyber incidents in the financial system, emphasizing the implications of increased reliance on external providers. Global and regional market developments were also reviewed, including inflation expectations and the influence of technology and social media on depositor behavior. Members also received updates on the FSB’s work program and discussed proposed focus areas for 2025.
