UBF to promote transformation, growth of UAE banking sector
UAE Banks Federation introduced the new committees to enhance the sector’s ecosystem and support both banks and the local community
UAE Banks Federation (UBF) announced that it has launched two new technical committees (Fintech and Consumer Protection) and three advisory committees ( Compliance, Risk, and Information Security) to promote the growth and transformation of the UAE banking sector. As the official representative body of the UAE banking industry, UBF introduced the new committees to enhance the sector’s ecosystem, and support both banks and the local community.
The launch of the Fintech Committee and Consumer Protection Committee increases the number of UBF’S technical committees to 22. Aligned with the UAE’S Vision 2021 to transition to a knowledge-based economy, the Fintech Committee has been introduced to foster an environment conducive to product and partnership innovation in the banking industry, and improve capabilities in technology to achieve sustainable growth. The Consumer Protection Committee has been introduced to look after all Consumer Protection issues in the UAE banking sector, and will be a proactive forum for UBF, its member banks, and Central Bank of UAE to propose and drive improvements to policies and procedures.
The Compliance Advisory Committee, Risk Advisory Committee, and Information Security
Advisory Committee are the UBF’S first advisory committees launched. Comprising banking representatives, they have been introduced to advise their respective main technical committees, and bring unique knowledge and skills which augment the main committees through informed guidance and support.
Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, said: “For four decades, the UBF has provided UAE banks with a unified voice, bringing them together and providing a platform that facilitates the exchange of ideas to promote growth and transformation. With the introduction of five new committees, we hope to further raise the standards of the industry, and support the UAE’S progressive vision to empower society at all levels. The pillars we have chosen to build on are fundamental to the economy, and by better preparing banks for the future, we are securing a better future for the UAE and wider region.”
Further building on the strength of its relationships with every key player in the banking sector to ensure seamless communication, collaboration and coordination throughout, the UBF has welcomed the National Bank of Bahrain as a member, increasing the total number of UBF member banks to 53.
Established in 1982, the UAE Banks Federation is a professional representative body comprising 53-member banks operating in the UAE. The Federation advocates all banks’ interests, and enhances cooperation and coordination among them, in order to promote and upgrade the UAE’S banking industry for the benefit of the banking sector, its customers, and the national economy.
The UAE Banks Federation’s mission and objectives are focused on representing its member banks and defending their interests and rights. The federation provides a platform for cooperation and exchange of ideas and opinions among member banks and plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of the banks to the UAE.
The Federation has an Advisory Council consisting of 28 Bank CEOS which oversees the implementation of the policies, follows up on UBF’S activities and makes necessary decisions, and 22 specialised technical committees who discuss all relevant banking issues.
Moreover, the UAE Banks Federation (UBF) in association with SWIFT, the world’s leading provider of secure financial messaging services, on Saturday held the SWIFT User Group meeting in Abu Dhabi. The meeting brought together 100 senior banking experts to discuss the latest SWIFT updates relevant to the UAE banking sector.
Commenting on the SWIFT User Group Meeting, Abdulaziz Al Ghurair, Chairman of UBF, said: “The UBF’S close collaboration with SWIFT, the world’s leading provider of secure financial messaging services, underpins our commitment to further elevate standards across the UAE banking sector. We have a responsibility to ensure our member banks are up to date with the latest developments, and our networks across the financial ecosystem are reliable, safe and secure. By bringing key stakeholders together and providing a knowledge-sharing platform, we can successfully facilitate the exchange of ideas while staying up to date with the everchanging banking landscape.”
Meanwhile, the UAE Central Bank has issued directives to banks to re-schedule loans and slash commission and fees in order to lessen the impact of virus spread on the economy.