A preparatory committee for the Gulf Cooperation Council’s central bank governors reviewed regional cooperation on payment systems, banking supervision, financial technology and cybersecurity at its sixth meeting, Bahrain’s central bank said.

The virtual meeting, held under Bahrain’s presidency of the 46th session of the GCC, was chaired by Hesa Abdulla Al Sada, Executive Director of Central Banking and Macro-Prudential Oversight at the Central Bank of Bahrain.

Representatives from GCC member states on the preparatory committee took part in the meeting, along with Khalid bin Ali Al Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the GCC General Secretariat.

In her opening remarks, Al Sada underscored the vital role of the Preparatory Committee and the importance of continuing to strengthen joint GCC cooperation in accordance with the directives and recommendations of the GCC Central Bank Governors.

Al Sada said the committee had an important role in strengthening cooperation among GCC central banks in line with the directives and recommendations of the central bank governors.

She also stressed the importance of sharing expertise and developing policies aimed at strengthening the resilience of financial systems across the region.

The committee reviewed recommendations from GCC committees and working groups covering payment systems, banking sector supervision and financial technology.

It also discussed mechanisms for sharing cybersecurity information relating to the banking sector and efforts by GCC member states to combat money laundering and terrorist financing.-TradeArabia News Service