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Qatar Commercial Bank Harnessing Digital Platforms To Foster Innovations in Financial Sector

11 October, 2023

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As the digital banking leader in Qatar, Commercial Bank (CB), visited the 15th MENA Regulatory Summit 2023 to promote the latest innovations in the Qatar financial sector and promptly assist them in complying with international obligations. 

The 15th MENA Regulatory Summit was hosted by the London Stock Exchange Group (LSEG) in collaboration with the Qatar Financial Information Unit (QFIU) in Doha. CB successfully took part in this summit as a digital banking leader in Qatar. The Summit is themed on using robust innovations in customer and business verification to combat money laundering and prevent the integrity of the financial ecosystem. Summit provides a great platform for the banking sector to showcase digital innovations in its legal framework to safeguard the finance industry.

CEO of the Commercial Bank, Joseph Abraham, stated, “We are pleased to have been part of the 15th MENA Regulatory Summit as the Innovation Partner. At Commercial Bank, we recognize the importance of actively collaborating with regulatory bodies and our banking peers to support events that harness digital technology to promote innovation in the financial sector.

The summit’s most emphasized session was “Fintech and the Impact it Has on Financial Crimes.” This session provided insights into the innovations and how banks can utilize the latest machine learning and AI technology to streamline customer and business onboarding. They also added how digital technologies encourage the MENA region banks to fight against financial crimes.   

This event stressed regulators and businesses to take an advanced approach, with adequate robotic processing automation (RPA), machine learning, and artificial intelligence (AI) in enhancing traditional procedures. Further, the summit also discusses preventing new techniques of criminals from laundering money, including trade-based crime, regulatory vigilance, strengthening investor due diligence, and fast-tracking crypto transactions through digital wallets. 

To emphasize the digital approaches of the Qatar banking organizations in the regulatory framework, the compliance officer of CB, Abdulla Al Fadli, asserted, “Our participation in this summit underlines our commitment to staying at the forefront of the industry, utilizing cutting-edge technologies to combat financial crime, by way of real-time monitoring, behavioural data analytics, enhanced authentication, pattern recognition, and predictive analytics to combat financial crime. As a result, contributing to Qatar’s financial landscape’s overall integrity and stability.”

Commercial Bank is still dedicated to proactively participating in activities that improve innovation, teamwork, and regulatory developments in the Qatar financial sector. The Bank is eager to keep aiding these important projects. The Bank is also committed to providing banking services of the highest quality. This includes offering competitive products and services, as well as providing excellent customer service. The Bank’s goal is to continue to strengthen Qatar’s financial system and create a more prosperous economy.

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