The UAE leads innovation in the financial and banking sector

The Emirates Banking Union (actor and the unified voice of Emirati banks) renewed its commitment to double the efforts of its banks to develop the necessary frameworks, in light of the supervision of the United Arab Emirates Central Bank, to ensure the employment of advanced technologies in the banking industry and the preservation of the pioneering status of the UAE in leading financial and banking innovation and providing an advanced, smooth and safe experience for all segments of customers.

The Federation stressed that the banking industry is one of the most adopted and employed fields of advanced technologies, explaining that the financial and banking sector in the UAE is keen to accelerate the digital transformation to keep pace with the broad developments in technology and meet the requirements of customers and contribute to the economic and social development of the UAE.

The Mia Finance Summit of Banking Technology, which was organized at the Armani Burj Khalifa Hotel in Dubai, witnessed the participation of more than 500 experts and executives of banks and business leaders in the banking sector, financial technology companies and advanced technologies, in order to discuss the most important opportunities, challenges, ways to enhance integration and partnerships between banks, companies, technology and financial technology.

In his main speech at the conference, Jamal Saleh (Director General of the Emirates Banking Union) said: “In light of the unprecedented technological progress that affects various aspects of life, the financial and banking sector enhances its leadership in employing advanced technologies in order to provide banking services that meet the requirements of customers, and contribute to advancing economic growth and diversification efforts in the UAE, under the supervision and directives of the United Arab Emirates Bank.”

He added: “The banking sector in the UAE confirms its regional and global leadership in leading innovation through ambitious initiatives to accelerate the digital transformation journey, in line with the digital strategy of the UAE government to double the contribution of the digital economy to the state’s gross domestic product, while ensuring the best conditions for protecting digital infrastructure and cyber security.”

He pointed out that “the supportive legislation, regulatory frameworks and ambitious initiatives of the United Arab Emirates Bank have contributed to the provision of an integrated system that allows financial institutions, technology companies, innovative investors and work with confidence and risk management efficiently,” explaining that the Emirates Banking Federation continues its efforts to support member banks to modernize technology infrastructure and provide specialized services and continuous development of digital channels.

The Director General of the Emirates Banking Union stressed that “the integration between advanced technologies and financial and banking services is an essential guarantee to continue to develop the banking industry and provide services that are compatible with the requirements of the digital age, explaining that the Emirates banks are starting to employ blockchain technologies, artificial intelligence, data analysis and cloud computing, which allows them to provide better services with effective management of its operations.”

He called for continuing investments in digital infrastructure and appropriate frameworks for cybersecurity, and the supportive organizational environment that encourages innovation and provides the necessary protection for customers and the financial system, stressing the importance of developing human capital, especially the Emirati and increasing awareness of digital services, cybersecurity, combating fraud, and sustainable financing that focuses on keeping pace with environmental and social standards and governance. He noted the experience of the UAE in developing banking services and the open financing initiative to increase financial inclusion and support the growth of small and medium companies and entrepreneurs.

Summit sessions included discussions on technology capabilities in improving banking and financial services while maintaining the safety of systems within the legislative and regulatory frameworks, the prospects for developing customer service, and taking advantage of data to understand the needs and requirements for different customer segments to provide services designed in a way that meets these requirements.

The “Mia Finance” banking technology summit witnessed the distribution of awards for the best banking and technological institutions in the field of digital banking services and innovations that aim to honor and encourage banks, financial institutions and technology companies that enhance digital transformation by building and providing advanced and effective systems and solutions that meet the requirements of customers in the digital age.