MUSCAT, OCT 10
The impact of transformative technologies on post-trade activities was highlighted by Ahmed al Maamari (pictured), Executive Vice President of the Capital Market Authority (CMA), at the Network Forum Middle East Meeting 2023 held in Muscat on Tuesday, October 10, 2023.
The global financial industry is experiencing a seismic shift in post-trade activities, driven by transformative technologies such as distributed ledger technology (DLT) and artificial intelligence (AI). These innovations are reshaping the way financial processes are conducted, enhancing efficiency, transparency, and security. The CMA’s Ahmed al Maamari provided valuable insights into these developments during his keynote address.
Al Maamari highlighted how DLT and AI are driving rapid evolution in post-trade activities worldwide. These technologies offer significant advantages, streamlining processes, reducing costs, and increasing transparency. However, their adoption also brings challenges, including cybersecurity risks, data privacy concerns, and the need for adapting to new operational models.
CMA is committed to addressing these challenges and embracing the opportunities presented by technological advancements, said Al Maamari. He outlined several key initiatives to stay at the forefront of these changes, including the establishment of a dedicated digital transformation team and framework. These efforts aim to foster collaboration with market participants and technology providers, ensuring the adoption of relevant and secure post-trade solutions, he said.
Moreover, Oman is in the process of developing a comprehensive regulatory framework for virtual assets, covering a range of activities related to cryptocurrencies and tokens. This framework aligns with Oman's broader vision of developing the digital assets and fintech industry within its borders, the official said.
The public consultation paper for the new Virtual Assets regulatory framework has received positive feedback and is nearing finalization. Simultaneously, Oman is strengthening its measures to combat money laundering and terrorism financing in the virtual assets sector, Al Maamari noted.
To encourage innovation, Oman is also working on implementing a regulatory sandbox that will allow fintech firms to test their solutions in a controlled environment. This approach enables regulators to understand the potential impact of these innovations and develop appropriate regulations.
Ahmed al Maamari's address shed light on the transformative impact of technology on post-trade activities in the financial industry. Oman, through the CMA, is proactively embracing innovation while addressing associated challenges, positioning itself as a dynamic player in the global financial landscape, he added.
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