The UAE Banks Federation (UBF) recently held meetings outlining its priorities for 2020 which included its aim to support the national agenda of transitioning to knowledge-based economy, in line with “Year of Getting Ready for UAE’s 50th Anniversary”, the Golden Jubilee year.

A leading industry association for the UAE banking sector, it comprises 52 members, 22 national (Commercial and Islamic), 28 foreign, and two special status banks, regulated by the Central Bank of UAE.
 
The organisation hosted meetings with its board of directors (BoD) and CEOs Advisory Council meetings, said a statement from UBF.

The two meetings also discussed the latest developments in the UAE banking sector, including the latest insolvency law for individuals, it said.

The meeting held under the chairmanship of AbdulAziz Al Ghurair, agreed to put more focus on key sectors including regulatory frameworks and compliance, FinTech, and cybersecurity in 2020.

UBF will also peruse its support to UAE central Bank on several payment related initiatives for UAE feasibility, it added.

The Federation has achieved several significant milestones this year, including rolling out plan to tackle counterfeit cheques and enhanced encryption technology. It also supported the launch of the ‘Credit Guarantee Scheme’ for SMEs by Emirates Development Bank, an initiative that provides a stable funding base, it stated.

UBF will also be concluding its end-to-end review of several procedural processes next year to make the customer experience smoother and enhance several services across the country to make the UAE a central hub for investment and business.

Al Ghurair said: “We’ve recently observed significant growth in the UAE’s banking industry, thanks to the implementation of focused strategies and initiatives, and the establishment of new laws and regulations aimed at strengthening the financial landscape.”

“We are committed to remain on this upward trajectory by increasing collaboration between key partners, UAE Central Bank, and member banks, and will continue to foster an environment that is conducive for the identification and exchange of opportunities, challenges, and solutions that will positively impact the local economy in the year to come,” he added.

According to him, UBF is ready to combine all its efforts with all sectors operating in the country to celebrate UAE Golden Jubilee in 2021 as a qualitative shift in the country's history.

“All the initiatives and achievements that will be accomplished during the next couple of years will put our fingerprint on human civilization, and will help us construct the strongest foundation for sustainable development for future generations,” added Al Ghurair.-TradeArabia News Service