2nd Digital Financial Consumer Forum in Sana’a Launched

The second digital financial consumer forum, organized by the Yemeni Society for Consumer Protection in partnership with the Central Bank of Yemen, began in Sanaa on Monday. The forum aims to discuss artificial intelligence techniques and its role in developing and improving the quality of digital financial services, highlighting the role of the financial sector and its trends towards raising the efficiency and quality of digital financial services, and highlighting areas of using artificial intelligence tools in financial technology. At the opening, member of the Board of Directors of the Central Bank of Yemen Hammoud al-Najjar pointed out the importance of the forum in discussing the challenges of renewable financial technologies and their innovative solutions to enable the digital financial consumer with advanced digital financial services. He stressed that the holding of the forum comes in light of the rapid developments witnessed in financial technology, which impose the responsibility of finding tool s and mechanisms that enhance digital consumer protection and provide innovative and safe financial services at the same time. Al-Najjar noted that artificial intelligence technologies are among the most important tools that contribute to improving the digital consumer experience and developing financial services, which allow for effective data analysis, providing accurate recommendations, improving fraud detection processes, and enhancing financial security. He said "We at the Central Bank of Yemen are fully aware of the challenges facing the digital consumer in Yemen, especially in light of the current circumstances the country is witnessing, adding the role is not limited to developing digital financial services, but goes beyond that to ensuring their consistent and sustainable availability for all segments of society." Al-Najjar stressed that protecting the consumer and ensuring the safety and security of digital transactions is one of the bank's priorities, as well as working to provide a digital fina ncial environment characterized by safety and trust by adopting the best international practices and applying them at the regulatory and legislative levels. He also stressed the bank's commitment to supporting and encouraging innovation in the financial sector and taking advantage of modern technologies such as artificial intelligence to enhance confidence and security in digital financial services and enhance awareness among consumers about the importance of protecting their personal data and financial information in the age of digitization. Source: Yemen News Agency