- co-operating with UAE Central Bank and telecom companies
- massive increase in mobile banking transactions predicted
- UBF Committee to provide recommendations to Central Bank soon
Abu Dhabi, 6 August 2013: The UAE Banks Federation has announced its firm support for the successful implementation of the UAE’s m-Government initiative, announced earlier this year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.
The UBF has formed a committee comprising representatives of Abu Dhabi Commercial Bank, Mashreq Bank, Abu Dhabi Islamic Bank, Emirates NBD, National Bank of Abu Dhabi and Commercial Bank of Dubai to discuss and finalise the position of all UAE banks on astrategy for the effective delivery of mobile banking services.
The m-Government initiative was launched in May with a view to make a number of critical services available within the coming two years to the population of the UAE anywhere and round-the-clock via mobile phones. The initiative has been launched both to enhance the delivery of public services and to provide services in innovative ways that meet global standards.
The UAE Banks Federation has engaged in regular discussions with the UAE Central Bank and telecom companiesto explore how best to implement the m-Government initiative and in particular how to ensure that financial transactions can be made securely, easily and cost effectively by customers through their mobile phones. The recommendations of the UBF Committee will be presented to the UAE Central Bank in the near future.
Speaking on the initiative, H.E AbdulAziz Abdullah Al Ghurair, Chairman of the UAE Banks Federation, said, “With Middle East mobile transactions set to be worth over US$27 billion by 2017, there is a good opportunity for banks in the UAE to benefit from the continuing upsurge in demand for mobile banking services, wherever and whenever they are needed. It is essential for the key stakeholders to co-operate on the m-Government plan to make it a success. Our aim to make sure that as banks our contribution helps to ensure that mobile banking in the UAE in future is world class and free of risk.”
