Qatar Economic Forum Tackles Impact of Technological Innovations on Finance

Doha, May 16 (QNA) - A session held today as part of the Qatar Economic Forum discussed "Transforming Money & Global Finance" amidst the surge in financial technology and associated innovations worldwide.

The session, featuring Co-Founder & CEO BitOasis Ola Doudin, Founder & CEO Uala Pierpaolo Barbieri, delved into the challenges posed by issues such as decentralized finance, cryptocurrencies, blockchain, and artificial intelligence, outlining ways to strike a balance between changes at the grassroots level and consumer protection when harnessing these new technologies and launching innovative services.

In this context, the speakers emphasized the importance of these digital innovations, given their numerous benefits, while acknowledging the risks associated, necessitating a delicate balance between leveraging potential benefits and managing multiple risks.

They pointed out that to address these challenges and risks, financial institutions need to develop comprehensive strategies that integrate modern technology with effective security practices, including having robust systems, legislation, and strict compliance with these systems, while maintaining a strong focus on customer experience and sustainability.

It's worth noting that the most significant risks and challenges posed by these innovations are related to security and privacy. With the adoption of artificial intelligence and cloud computing, new technologies bring new risks, such as cyber-attacks and fraud. Additionally, regulatory complexities increase with the evolution of financial technology, requiring strict adherence to new regulations related to artificial intelligence, data protection, and sustainable finance without impeding innovation and growth.

Furthermore, with sustainability and social responsibility becoming increasingly important, sustainable finance and social responsibility are gaining prominence. Financial institutions are shifting towards supporting green initiatives and reducing carbon footprints. Achieving these goals requires the adoption of innovative strategies and attracting investments towards sustainable projects, posing an additional challenge amid economic and regulatory pressures. (QNA)