UAE Bank Federation launches new fintech committee

UAE Bank Federation has also launched a compliance threat and Info safety advisory committees

UAE Banks Federation (UBF) has launched two new technical committees (Fintech and Shopper Safety) and three advisory committees (Compliance, Threat, and Info Safety) to advertise the expansion and transformation of the UAE banking sector. Because the official consultant physique of the UAE banking trade, UBF launched the brand new committees to reinforce the sector’s ecosystem, and assist each banks and the area people.

The launch of the Fintech Committee and Shopper Safety Committee will increase the variety of UBF’s technical committees to 22. Aligned with the UAE’s Imaginative and prescient 2021 to transition to a knowledge-based financial system, the Fintech Committee has been launched to foster an setting conducive to product and partnership innovation within the banking trade, and enhance capabilities in expertise to realize sustainable progress.  The Shopper Safety Committee has been launched to take care of all Shopper Safety points within the UAE banking sector, and will likely be a proactive discussion board for UBF, its member banks, and Central Financial institution of UAE to suggest and drive enhancements to insurance policies and procedures.

The Compliance Advisory Committee, Threat Advisory Committee, and Info Safety Advisory Committee are the UBF’s first advisory committees launched. Comprising banking representatives, they’ve been launched to advise their respective principal technical committees, and produce distinctive data and expertise which increase the primary committees by way of knowledgeable steering and assist.

H.E. Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, mentioned: “For 4 many years, the UBF has offered UAE banks with a unified voice, bringing them collectively and offering a platform that facilitates the trade of concepts to advertise progress and transformation. With the introduction of 5 new committees, we hope to additional increase the requirements of the trade, and assist the UAE’s progressive imaginative and prescient to empower society in any respect ranges. The pillars we’ve got chosen to construct on are elementary to the financial system, and by higher making ready banks for the long run, we’re securing a greater future for the UAE and wider area.”

Additional constructing on the power of its relationships with each key participant within the banking sector to make sure seamless communication, collaboration and coordination all through, the UBF has welcomed the Nationwide Financial institution of Bahrain as a member, growing the whole variety of UBF member banks to 53.

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