Alessio Faccia and Pythagoras Petratos 2024. Enhancing Security in GCC Fintech: Framework, Policies and Industry Standards. ICISE 2024: 2024 9th International Conference on Information Systems Engineering. Chiang Mai, Thailand 14 - 16 Dec 2024 Association for Computing Machinery (ACM). https://doi.org/10.1145/3711954.3711955
| Title | Enhancing Security in GCC Fintech: Framework, Policies and Industry Standards |
|---|---|
| Authors | Alessio Faccia and Pythagoras Petratos |
| Type | Conference paper |
| Abstract | This white paper explores the critical aspects and proposes a framework for enhancing security in the fintech sector within the Gulf Cooperation Council (GCC) region. It leverages existing best practices and insights from the literature and organisations. Firstly, the study investigates and assesses the current regulatory frameworks, identifies weaknesses, and underscores the challenges posed by inconsistent regulations, high compliance costs and skills gaps across GCC countries. Then, it highlights the significance of robust cybersecurity measures, the integration of emerging technologies such as blockchain and artificial intelligence, the necessity for continuous collaboration between fintech companies, regulators, and cybersecurity experts, and suggests industry standards and best practices which are useful for fostering a secure and efficient fintech environment. By attempting to propose an initial framework that combines regulatory needs, identified weaknesses, and industry standards, this research aims to provide actionable recommendations for policymakers, industry stakeholders, and academia. The findings emphasise the importance of a harmonised regulatory approach, improved technological infrastructure, and specialised policies as education programs to support the sustainable growth of Fintech in the GCC. The paper concludes with a discussion of the study's limitations and suggests directions for future research. |
| Year | 2024 |
| Conference | ICISE 2024: 2024 9th International Conference on Information Systems Engineering |
| Publisher | Association for Computing Machinery (ACM) |
| Publication dates | |
| Published | 14 Dec 2024 |
| Journal citation | pp. 57-65 |
| Book title | ICISE '24: Proceedings of the 2024 9th International Conference on Information Systems Engineering |
| ISBN | 9798400717369 |
| Digital Object Identifier (DOI) | https://doi.org/10.1145/3711954.3711955 |
| Web address (URL) | https://doi.org/10.1145/3711954.3711955 |