The African and Middle East Depository Association (AMEDA) wrapped up its 39th Annual Forum on May 2nd, 2024, in Doha, Qatar, under the theme “Artificial Intelligence, Sustainability, and Data Security.” The forum, attended by representatives from AMEDA member states, proposed a set of ten critical recommendations aimed at fostering innovation and sustainability within the central securities deposits and credits sector across Middle Eastern and African countries.
Outlined below are the key recommendations put forward during the forum:
- Foster collaboration and integration among central securities depositories within AMEDA member states.
- Leverage artificial intelligence (AI) to streamline processes, enhance risk management, and reduce costs in post-trade services.
- Prioritize sustainability and Environmental, Social, and Governance (ESG) initiatives to ensure long-term business continuity.
- Adopt the latest international standards for data security and cybersecurity.
- Conduct regular assessments of emerging trends and challenges facing the global depository and registry industry.
- Establish a knowledge-sharing platform for AMEDA members, Afro-Asian markets, regulators, and governments, including an innovation hub for developing solutions and offering professional training.
- Launch an innovation platform to develop cutting-edge solutions and foster collaboration between member companies, regulators, and government bodies.
- Encourage interaction and information exchange among member companies to build strategic partnerships.
- Emphasize the review of new regulatory and legislative developments, providing guidance on adaptation, and showcasing successful case studies.
- Promote strong cybersecurity practices to protect systems, networks, and digital data from malicious attacks.
The forum, which convened on May 1st and 2nd, covered a wide range of topics, with a significant focus on the utilization of AI in central securities depositories. Discussions underscored the growing adoption of AI within CSDs and its potential to enhance efficiency, simplify operations, and drive innovation.
Additionally, sustainability emerged as a prominent theme, with discussions emphasizing innovative practices to ensure the uninterrupted operation of securities depositories while maintaining stringent data security measures.
AMEDA, founded on April 27, 2005, serves as a non-profit organization comprising Central Securities Depositories and Clearing Houses in Africa and the Middle East. With a membership that has expanded to 40 institutions across over 30 countries, AMEDA aims to facilitate information exchange, support local market development, and promote best practices in services related to depository, clearing, settlement, risk management, and corporate governance on a global scale.
