The Saudi Central Bank (SAMA) hosted the Financial Stability Board (FSB) Regional Consultative Group for the Middle East and North Africa (RCG MENA) meeting on Wednesday (November 6, 2024) in Riyadh.

The meeting, chaired by the Governor of SAMA, Mr. Ayman M. Al-Sayari, with participation of the Governor of the Central Bank of Egypt in co-chairing the current round, Mr. Hassan Abdalla, discussed the latest developments on the FSB's work program, providing insights on the proposed focus areas for 2025 as well as the G20 deliverables, and a session on regional and international financial vulnerabilities; where members exchanged views on global and regional market developments, in the presence of Mr. Eddie Yue Chief Executive of the Hong Kong Monetary Authority, and Co-Chair of the RCG Asia.

The participants discussed developments related to artificial intelligence in the financial sector, in addition to exchanging experiences on how artificial intelligence is being applied by regulatory authorities and financial institutions. Finally, members discussed the approaches to third-party risk management, and its potential to address challenges arising from the need for financial institutions to report operational incidents.

FSB RCG for the Middle East and North Africa membership includes financial authorities from Saudi Arabia, Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Tunisia, Türkiye and the United Arab Emirates.