Amman: The Central Bank of Jordan (CBJ) announced issuance of a regulatory framework for using artificial intelligence (AI) in the Jordanian banking sector.
According to Jordan News Agency, CBJ Governor, Dr. Adel Sharkas, stated that the framework is a step in boosting the banking sector and reflects the bank's commitment to strengthening the digital infrastructure of the financial industry by enabling the safe, responsible, and thoughtful integration of AI technologies. Sharkas further emphasized that AI is a key enabler of digital transformation and an effective driver of economic development.
Earlier formed by the CBJ, the Steering Committee for AI and Emerging and Future Technologies in the Financial and Banking Sector was praised by Sharkas as an institutional initiative to support the integration of emerging technologies. This new regulatory structure forms part of the CBJ's efforts to enable a digital shift in the Kingdom's financial and banking sector and provide a regulatory environment that facilitates the integration of innovative financial technologies.
The framework contributes to establishing regulatory foundations that help banking institutions integrate AI solutions effectively while observing principles of sound governance, risk management, data protection and privacy, and the use of modern technologies. Its goals include supporting innovation and ensuring the safe and responsible use of modern technologies, which would enhance the Kingdom's position as a regional financial technology hub and keep pace with national trends to achieve digital transformation and economic modernization.