Gulf Cooperation Council central banks are strengthening coordination on payment systems, fintech, banking supervision and cybersecurity as the bloc works to improve the resilience and integration of its financial markets.
A preparatory committee for GCC central bank governors reviewed progress in these areas during its sixth meeting, held virtually under Bahrain’s presidency of the GCC’s 46th session. The meeting brought together representatives from GCC member states and officials from the GCC General Secretariat.
The committee considered recommendations from specialised committees and working groups covering payment systems, banking supervision and financial technology. According to the announcement, the discussions reflect the growing importance of digital payments, fintech platforms and technology-driven banking services across the region.
Cybersecurity information sharing was also on the agenda. The committee reviewed ways to exchange information on threats affecting the banking sector, although no details were provided on the proposed mechanisms or their implementation timeline.
The meeting also addressed GCC efforts to combat money laundering and terrorist financing, linking financial innovation with the regulatory and security measures needed to protect increasingly digital financial systems.
No new payment platform, regulation or regional cybersecurity initiative was announced. The work remains preparatory, with recommendations feeding into broader cooperation among GCC central banks and their governors.
Source: MEA Tech Watch
