"Banks Union"UAE leads innovation in the financial and banking sector
Abu Dhabi, May 12 / WAM / The UAE Banks Union renewed its commitment to double the efforts of its members 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 position of the UAE in leading financial and banking innovation and providing an advanced, smooth and safe experience for all clients.
The Federation stressed in a press statement that the banking industry is one of the most adopted and employed fields of advanced technologies, and 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.
Jamal Saleh, the general manager of the Emirates Banking Union, said in a major speech during the “Mia Fennance” banking summit, which was organized on the eighth of May this May in Dubai that in light of 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 growth and economic diversification efforts in 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 legislation, regulatory frameworks supporting and ambitious initiatives of the United Arab Emirates Bank contributed to providing an integrated system that allows financial institutions, technology companies, investors innovation, work with confidence and risk management efficiently, explaining that the Union continues its efforts to support the federation’s banks to update the infrastructure of technology and provide specialized services and the continuous development of digital channels.
Saleh stressed that the integration between advanced technologies and financial and banking services is an essential guarantee to continue developing the banking industry and providing 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 their 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.
The summit witnessed the participation of more than 500 experts, 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.
The summit witnessed the distribution of awards for the best banking and technological institutions in the field of digital banking services and innovations, which 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.
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