Financial institutions from across the wider Arab region assembled in the Algerian capital for talks over the progress of plans to form a regional payments and settlements system, the north African nation’s central bank said on Monday.

The gathering involving an ad hoc committee formed to follow up on the matter aims to bolster cooperation between Arab central banks and financial institutions in the region, in addition to efforts to ensure protection against “financial scams and fraud,” according to a joint statement by Algeria’s central bank and the Arab Monetary Fund.

Citing the “continued progress” Arab institutions have made towards the “safety and efficiency” of financial institutions, Arab Monetary Fund chief Fahad Al-Turki emphasized the need to form a regional cross-border payments and settlements system as a replacement for the current arrangement, relying on the use of cutting-edge methods such as the latest Artificial Intelligence Technology.

Praising the committee’s work to develop the region’s
payments and settlements system, Algeria’s central bank governor gave equal credit to the Arab monetary fund for providing the proper infrastructure for a more solid financial system.

The talks bring together central bank officials and representatives of financial institutions from around the Arab region.

Source: Kuwait News Agency