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ADGM and MBZUAI collaborate to boost regulatory compliance with AI

The partnership will see AI develop, refine, and monitor regulatory processes in the UAE’s financial sector.

ADGM and MBZUAI collaborate to boost regulatory compliance with AI
[Source photo: Venkat Reddy/Fast Company Middle East]

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The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) have agreed to enhance the role of artificial intelligence in the finance sector.

The Memorandum of Understanding (MoU) leverages the expertise of FSRA and MBZUAI in artificial intelligence to create regulatory technology (regtech) and supervisory technology (suptech) solutions on FSRA’s Digital Lab. These solutions aim to improve regulatory compliance and operational efficiency in the delivery of financial services.

Additionally, the partnership will include training an AI algorithmic model to extract meaning and context from financial regulations and rules. This model aims to enhance decision-making processes related to regulatory compliance.

In particular, the collaboration will focus on improving the FSRA’s ‘Risk Analyser,’ currently in its pilot stage. This suptech solution utilizes AI to analyze extensive documents related to a supervised firm, providing valuable insights to FSRA supervisors.

In the platform’s next phase, financial firms will have the capability to create regulatory submissions and assess their compliance with FSRA’s regulations and standards.

“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,” says Emmanuel Givanakis, CEO of the ADGM FSRA.

“This collaboration is especially important given the UAE’s position as an emerging hub for fintech. The MoU also enables MBZUAI’s faculty and students to deploy their AI skills and expertise in the specific areas of finance and compliance,” says Sultan Al Hajji, MBZUAI’s Vice President of Public Affairs and Alumni Relations.

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