Central Bank of Kuwait to invest in AI, Big Data and Blockchain

In a recent article in Tahawultech online portal, Tariq Al Usaimi, the recently appointed Head of Digital strategy for the Central Bank of Kuwait stated, that the organization is set to make considerable investment in big data and analytics as well as overhauling the way they use technology.

Al Usaimi spoke about his new role to digitize the Central Bank. As he stated in the article, “It’s no longer feasible to do things manually at the Central Bank, to conduct evaluations in that way,” Systems need to be smart enough to cope with the digital age.”

“It will be a drastic change,” he said. “Investing in human capital is a number one priority. Having a figure in charge of digital strategy is a must in order to deliver change; it’s no longer a nice-to-have position. Every entity must have a CDO. It’s happening across the board in GCC countries.

Al Usaimi went on to add that artificial intelligence and Blockchain will be “key pillars” in the Central Bank’s future. “There will be a huge investment from us in AI,” he said. “In terms of Blockchain, there will be some applications and processes that will have use cases for it.

“We’ll also be making a huge investment in analytics and big data. We need to analyse data thoroughly in order to make the right decisions. It’s the only way to have the best possible supervision of Kuwaiti financial institutions.