Experts: Egypt needs regulations on adopting AI in financial sector

Sharikat Mubasher: The agenda of Cairo ICT 2023's day three included one of the important discussion sessions that underscored the pivotal role of artificial intelligence (AI) technologies in reshaping the future of various sectors in Egypt, notably the financial one. 

During a session titled ‘Role of AI in Financial Decision,” Mohamed Khater, Head of the Centre for Strategy and Performance at the University of Cambridge, stated that the available data in the Egyptian financial services sector are insufficient to start applying AI technologies, however, the government is working on building up and managing these data precisely to serve the digitization of such a crucial sector.

Khater added that Egypt has enormous potential to adopt AI in the financial sector, yet it needs to ease the regulations and develop a clear vision of the importance of adopting and leveraging AI to ensure successful adoption.

For his part, Sherif Shaalan, Founder and CEO of Pianat, affirmed that the Egyptian government has to enhance and develop the digital infrastructure to accelerate the adoption of AI in financial services, which requires providing all data in compliance with global standards.

The 27th edition of Cairo ICT takes place from 19 to 22 November with the participation of over 400 local and global companies and more than 200 speakers.

It showcases the latest advancements in information technology, telecommunications, satellite communications, and artificial intelligence (AI).

Under the theme ‘Ignite Innovation: Merging Minds & Machines for a Better World,’ the four-day expo aims to explore ideas, share insights, and shape the future of technology.

Contribution Time: 21-Nov-2023 14:46 (GMT)
Last Update Time: 21-Nov-2023 14:46 (GMT)