Abu Dhabi, 10 December, 2019:UAE Banks Federation’s (UBF) held its annual meeting today for Chairpersons of its 20 specialized committees to review key initiatives and achievements of 2019, as well as the priorities for 2020 which include fraud prevention and cybersecurity and plans to establish a UBF FinTech Committee. The meeting was presided over by H.E. AbdulAziz Al-Ghurair, Chairman of UAE Banks Federation.
UBF’s 20 committees are tasked with specialized duties and responsibilities to facilitate smoother internal and external operations. All committees make an active effort to work in harmony with one another and are led by an experienced Chairman tasked with ensuring that their respective sector remains in line with the organization's overall mission and vision. Each of the committee's researches considers, recommends and gives feedback regarding key banking issues.
H.E AbdulAziz Al Ghurair, Chairman of UBF, said:“This year, the UAE banking sector has once again demonstrated its strength and resilience, and unwavering commitment to continued advancement. UBF’s 20 committees have been fundamental to this, playing a key role in the financial ecosystem by extending its continuous support and developing and implementing innovative initiatives that elevate the standards of the industry. Their relentless pursuit of the growth of the sector means we are well-positioned to weather all challenges that lie ahead and grab any opportunities that may arise.”
Throughout 2019, UBF has implemented a number of new initiatives aimed at enhancing the UAE banking sector. These include a Sim Swap Fraud initiative, which focuses on finding solutions and reducing fraud arising from SIM Swap, which compromises banking transactions; and the development of a Persona Non-Grata electronic system, which has been activated by the Central Bank and is designed to protect the banking sector from the appointment of persons whose services have been terminated by banks and other financial institutions for reasons related to professional integrity.
In collaboration with the Ministry of Justice and the Central Bank, UBF has also upgraded the standards of the banking industry through its Court Banking Experts accreditation, an online system for testing and certifying banking experts in Dubai and the Northern Emirates; and in coordination with Emirates Development Bank launched the ‘Credit Guarantee Program’ for financing SMEs, to provide a stable funding base for small and medium-sized companies.
“As we look ahead to 2020, UBF will continue to advocate the interests of the entire industry for the benefit of the wider country. From driving financial knowledge, to fostering policies and frameworks that enhance the banking sector’s ecosystem, our mandate is to support both banks and the community, and we are confident we will enjoy another fruitful year ahead,” H.E added.
