Egypt’s Central Bank Expands AI Adoption to Modernize Banking Operations and Economic Analysis
The Central Bank of Egypt is expanding its use of artificial intelligence through its Data Science Center to enhance operational performance and develop economic analysis capabilities, according to CBE Governor Hassan Abdalla.
Speaking at the opening of the 49th Annual Conference of the Arab Federation of Financial Markets Dealers, Abdalla highlighted the importance of adopting advanced technologies to strengthen the efficiency and resilience of Egypt's banking sector.
AI Applications Strengthen Banking Capabilities
Abdalla noted that the Data Science Center enables the Central Bank to capitalize on technological advancements, improve institutional efficiency, and develop its economic data analysis capabilities.
He also stressed that technological progress must go hand in hand with investment in human capital to ensure the banking sector remains equipped to navigate evolving financial markets.
Strong Risk Management Frameworks Support AI Adoption
The Governor emphasized that the wider adoption of AI requires effective risk management, sound governance, and advanced cybersecurity measures to protect financial system stability and reduce potential market risks.
International Conference Highlights Digital Finance Trends
The conference, taking place in Egypt from November 5 to 7 alongside the ACI semi-annual meetings, has attracted approximately 500 participants representing 40 countries.
Discussions cover the impact of AI on banking, treasury and asset management, and financial trading, alongside emerging developments in digital assets, digital currencies, and the international monetary system.