Ayman M Al-Sayari: Speech - Financial Sector Issues (FSI) Session
•February 9, 2026
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Why It Matters
Inconsistent crypto oversight and unchecked AI concentration could trigger systemic shocks, making coordinated regulation essential for global market stability.
Key Takeaways
- •Global crypto regulation uneven; risks cross‑border arbitrage
- •Align prudential standards to protect EMDEs
- •AI concentration heightens systemic operational risk
- •Prioritize data integrity and model explainability
- •Strengthen cross‑border supervisory cooperation via existing platforms
Pulse Analysis
The G20 finance forum has become a crucible for aligning disparate crypto‑asset regulations, a task made urgent by the Financial Stability Board’s recent recommendations. While many jurisdictions have adopted baseline rules for stable‑coins, gaps remain that enable arbitrage and regulatory arbitrage across borders. Such fragmentation can erode investor confidence and amplify contagion risks, particularly in emerging market and developing economies that lack deep supervisory capacity. Consistent global standards are therefore not merely a technical exercise but a cornerstone of monetary stability.
Artificial intelligence is reshaping banking, payments, and risk management at an unprecedented pace. However, the concentration of AI services among a few technology providers creates a single point of failure; a cyber‑attack or operational glitch could cascade through interconnected financial institutions, precipitating a systemic shock. Robust governance frameworks—covering transparency, accountability, and rigorous testing—are essential to mitigate these operational risks. Moreover, the opacity of complex models can obscure bias and error, underscoring the need for explainable AI that regulators and market participants can scrutinize.
Al‑Sayari’s call to action centers on three practical pillars: cross‑border supervisory cooperation, data integrity, and ethical AI deployment. Existing platforms such as the BIS and the World Bank can facilitate information sharing and harmonize prudential standards, especially for EMDEs that are most vulnerable to spillovers. Simultaneously, regulators should enforce strict data quality controls and demand model explainability to foster trust. By marrying innovation with disciplined oversight, the global financial system can harness the benefits of crypto and AI while safeguarding stability for the next decade.
Ayman M Al-Sayari: Speech - Financial Sector Issues (FSI) Session
Ayman M Al‑Sayari: Speech – Financial Sector Issues (FSI) Session
Speech by His Excellency Mr Ayman Al‑Sayari, Governor of the Saudi Central Bank, at the Financial Sector Issues (FSI) Session during the 4th G20 Finance Ministers and Central Bank Governors (FMCBGs) Meeting, Washington DC, 15 October 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Author: Ayman M Al‑Sayari
We acknowledge the progress made globally in implementing the crypto‑assets and global stable‑coins regulatory frameworks; however, uneven implementation of the FSB recommendations continues to pose regulatory and financial‑stability challenges, particularly through cross‑border spillovers and potential arbitrage.
From our perspective, it is essential that the near‑term evolution of such instruments be guided by consistent adherence to global standards to mitigate fragmentation, safeguard market integrity, and strengthen confidence in the regulatory environment.
Finance ministers and central bank governors today should collectively emphasize the importance of sequencing innovation with regulation, ensuring that market developments do not outpace supervisory readiness.
I know it’s challenging in practice, but nonetheless, I think it’s important to mention, and the near‑term efforts should focus on cross‑border supervisory cooperation, information sharing, and alignment of prudential and conduct standards, particularly for EMDEs, through existing international platforms. These efforts are vital to safeguard monetary and financial stability while supporting responsible innovation.
We commend the BIS, FSB, and World Bank Group for their comprehensive work on the AI reports.
The rapid integration of AI across financial systems underscores the need for strong governance, transparency, and accountability frameworks to mitigate systemic operational risk. Also, the concentration of AI service providers amplifies systemic risk as operational disruption and cyber‑attacks at key modern providers can propagate through the financial system and become a systemic financial shock.
Finally, from a policy standpoint, jurisdictions may wish to focus first on data integrity, model explainability, and ethical‑use principles, which are foundational to building trust in AI‑enabled decision‑making.
Thank you.
The views expressed in this speech are those of the speaker and do not necessarily reflect those of the BIS.
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