The Global Alliance of Financial Centers releases its 2026 report on artificial intelligence in financial services

The World Alliance of International Financial Centers (WAIFC), in cooperation with Abu Dhabi Global Financial Centers (ADGM), issued its latest report, which reviews the transformative role of artificial intelligence in global financial centers, and highlights the accelerating pace of adoption of artificial intelligence technologies, in addition to the need for coordinated and responsible governance frameworks.

The report is based on a survey that included 12 member states, and addressed five main axes: the impact of artificial intelligence on financial services, regulatory considerations, competency development, and ecosystem innovation, in addition to the risks and opportunities associated with it.

The results confirm that the adoption of artificial intelligence has become well established in international financial centers, with wide-ranging uses that include compliance, anti-fraud, customer service, and investment portfolio management.

Generative artificial intelligence in particular stands out as a pivotal factor in developing compliance processes, by accelerating procedures, improving their accuracy and reducing their cost, in addition to enabling real-time monitoring and enhancing the quality of decision-making.

According to the report, despite this progress, regulatory frameworks are still under development. While most countries have data protection laws that apply to artificial intelligence applications, only a limited number have approved systems dedicated to it, and many global financial centers are seeking to align their systems with international standards. However, there are still gaps, especially with regard to accountability for violations resulting from artificial intelligence systems and independent decision-making.

The report pointed to increasing concerns related to the risks of artificial intelligence, including algorithmic bias, data privacy, model transparency, and reliance on external service providers.

In response, financial institutions are working to strengthen their governance frameworks, including human intervention mechanisms to ensure oversight, control and maintain trust, especially in applications directed directly to customers.

From a workforce perspective, AI is driving job transformation rather than job displacement, with new positions emerging as AI governance officers and ethics experts. However, there remains a significant global competency gap, particularly among professionals who combine advanced financial and technical expertise.

To support innovation, members of the Global Alliance have launched various initiatives such as regulatory sandboxes, business incubators, and targeted financing programs.

Collaboration between regulators, financial institutions, fintech companies and academia remains a critical element for developing sustainable ecosystems, as the global alliance provides a platform to connect stakeholders, exchange best practices, and enhance joint action.

Overall, the report’s findings reflect strong global momentum towards responsible adoption of artificial intelligence in the financial services sector.

Despite the progress achieved, there remains a need for more international cooperation to enhance the clarity of regulatory frameworks, close skills gaps, and ensure that artificial intelligence is used in an ethical, inclusive and flexible manner.

Lamia Marzouki, Chair of the Board of Directors of the Global Alliance of International Financial Centres, said that artificial intelligence is no longer just a theoretical concept in the financial services sector, but has become an effective force that is reshaping the features of this sector at an unprecedented pace, and with the development of generative artificial intelligence technologies and the growing reliance on autonomous systems, we are entering a new phase that reshapes business models, operational processes and regulatory frameworks.

She stated that the report confirms the fact that no financial center can undertake this transformation alone, as cooperation between international financial centers remains the best way to maximize the benefit of the potential of artificial intelligence, while ensuring its use in a responsible, ethical and sustainable manner.

For his part, Salem Al Darei, CEO of the Abu Dhabi Global Authority (ADGM), said that the UAE has long established its position as a leading global center for trade and innovation, while Abu Dhabi continues to consolidate its leadership as the “capital of capital.” At the heart of this momentum, Abu Dhabi Global plays a pivotal role in linking markets, capital and visions, enhancing levels of confidence among investors at the international level, pointing to the report issued by the Global Alliance, which explores the transformative impact of artificial intelligence on centers. Finance, and stresses the importance of cooperation in achieving sustainable and comprehensive growth in the financial services sector.

He added that collective success remains dependent on a shared commitment to innovation, strengthening partnerships, and achieving long-term value across the global financial system.