"Central Bank" Discusses with banks mechanisms to enhance the competitiveness of the financial sector

Abu Dhabi, 9 October / WAM / His Excellency Khalid Mohammed Al Amma, Governor of the Central Bank of the United Arab Emirates, discussed with the CEOs of banks in the country, in the presence of His Excellency Abdul Aziz Abdullah Al Ghurair, Chairman of the Emirates Banks Federation, the governor’s assistants and officials at the Central Bank, the regulatory and legislative developments, and exchanged visions and ideas regarding strategic priorities and initiatives in the banking sector.

The attendees praised the efforts and initiatives aimed at developing the financial sector, achieving the country’s strategic goals and enhancing its global competitiveness.

According to a press release issued today, during the meeting, the Central Bank reviewed the implementation process of the local system of payment cards “Gewan”, which aims to increase the efficiency of financial transactions by empowering them with features and capabilities that contribute to accelerating local payment processes and stimulating innovation in the financial sector, as the licensed financial institutions will offer the “Gewan” card to their customers according to various categories of cards: direct debit, prepaid, And credit, according to a single system for local use, and a multiple system for global transactions in partnership with international payment networks.

During the meeting, the progress achieved in the country’s leadership position as a leading center for innovation and digital payments was discussed, by reviewing the performance indicators of payment systems, their flexibility and effectiveness, and the readiness of basic initiatives to strengthen the financial infrastructure.

He stressed the importance of the Central Bank’s digital initiatives within the financial infrastructure transformation program, which aims to enable the UAE to become a financial center, a platform for digital payments, and a destination for excellence in innovation and digital transformation.

Within the framework of a strategy for a country for Islamic finance and the halal industry, the attendees discussed the role of the banking sector in developing the Islamic financial industry, leading global Islamic finance activities, and areas of developing the capabilities of Islamic financial institutions to consolidate their global leadership, in addition to upgrading Islamic financial markets through developing the sukuk market and strengthening Islamic capital markets.

In terms of developments taking place in the region, ideas and opinions were exchanged on current developments in the local financial sector, and the strengthening of joint efforts aimed at raising the level of efficiency of financial services directed to individual customers and the business sector.

His Excellency Khaled Mohammed Balama said that, in line with the vision of the wise leadership, and the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the State, Deputy Prime Minister, Head of the Presidential Office, and Chairman of the Board of Directors of the Central Bank of the Emirates, the Central Bank is keen on close cooperation with licensed financial institutions, and organizing periodic meetings to unify visions and goals, and advance the financial services and digital payments system in the country to more advanced horizons. To establish the leadership role of the financial sector at the international level.

He added that through this meeting, we emphasize our main priorities, which include strengthening the digital transformation program in the financial sector to support the ambitious national goals and economic aspirations of the country. We also appreciate the efforts of banks and licensed financial institutions to advance the banking and financial sector in the UAE.

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