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ABU DHABI, 12th December, 2022 (WAM) — Abdulaziz al-Ghurair, Chairman of the UAE Banks Federation, has said that the UAE banking and financial sector has successfully coped with the many geopolitical and economic developments that have challenged it in recent years. and the challenges posed by changes in the global economy.
He was speaking at the fourth meeting of CEOs of the UAE Banking Federation Advisory Council chaired on 29 November.
The meeting discussed the latest developments in the local and global banking and finance industry, followed up on the implementation of decisions taken at the previous meeting in September, and discussed the federation’s plans for 2023.
“In recent years, the world has witnessed many geopolitical and economic developments and changes, posing challenges to every economic sector. Under the direct supervision of the UAE Central Bank, the UAE banking and financial sector has shown resilience in meeting these challenges , and continue to provide the best services to clients and play their role in creating the right conditions for the achievement of economic and social development while adhering to international standards in terms of governance and risk management,” Al Ghurair said.
During the meeting, all participants commended the close and collaborative work with strategic partners, especially the UAE Central Bank, the Securities and Commodities Authority and the Ministry of Justice, in adopting and implementing regulations, policies and best practices that help sustain and strengthen Productive cooperation UAE’s leading position in finance and banking is in line with national direction and international regulations.
The meeting also reviewed the final report of an October cyber wargame organized by the federation under the supervision of the UAE Central Bank. The event, one of the largest banking cybersecurity drills in the region, featured several cybersecurity experts from banks and financial institutions, and hosted representatives of GCC central banks as observers.
The report explains the role of cyber wargaming in improving the identification, detection, and response of cyberattacks, as the incident provides knowledge about techniques, methods, and procedures commonly used by attackers, as well as factors that constitute threat vectors. The Council commended the extensive participation of heads and members of information and cybersecurity teams from member banks and financial institutions, which helped to share experiences and knowledge and strengthened the readiness of the UAE banking sector to deal with cyber-attacks.
In light of the increasing transactions in e-commerce, digital banking services and apps, the CEO Advisory Council called for continued efforts to secure the banking industry’s digital infrastructure and protect it from cyber-attacks, financial crimes and advanced fraud methods.
The Council welcomed three new members, including International Development Bank, “Wio” Bank and Zand Bank, to the UAE Banking Federation, noting that more regional banks joining the association will help strengthen economic cooperation. At the same time, having Digital Bank as a member will expand the range of services and strengthen the industry’s leadership in providing financial and banking solutions that keep pace with the latest trends.
On the occasion of the fortieth anniversary of the UAE Banks Federation, participants in the CEO Advisory Council meeting emphasized the importance of continued efforts and proactive development of the sector, and commended the UAE Central Bank for its continued support through the development of policies and frameworks that maintain Integrity of the banking system and facilitate the process of providing the best possible customer service in a safe and secure banking environment. In addition, the Council thanks the Federation for its support in providing the necessary framework to exchange views and experiences, enhance cooperation among its members to achieve goals of common interest, and follow best practices and standards of governance and transparency.
Council members also discussed how to benefit from the recently signed Memorandum of Understanding between the UAE Banks Federation and the Banking Association of Uzbekistan. The aim is to strengthen cooperation and exchange of experience to develop and expand relations between the financial and banking institutions of the two countries, promote trade and economic cooperation, and organize various banking activities such as seminars and training programs.
In addition, the Advisory Committee discussed recent developments in promoting the Emiratisation of the private and banking sectors, which will help support efforts to increase the Emiratisation of the sector and inspire more Emiratis to work in a sector that offers many opportunities.
Jamal Saleh, Director General of UBF, said, “The UAE banking sector has achieved many things this year, with indicators such as asset growth, increased financing, and improved capital adequacy ratios reflecting the sector’s resilience and ability to adapt to change, which is world-renowned.
He added: “The Advisory Council plays an important role in enabling the executive management of the UAE Banks Federation to fulfill its mission based on the extensive experience and knowledge of UBF members. We will continue to take SMEs, training professionals, especially young Emiratis, and combating fraud and promoting ethical selling, strengthen UBF’s role in developing the UAE’s financial and banking sector. The ongoing effort to provide the best conditions for all stakeholders in the banking sector part.”
The CEO Advisory Council was established 10 years ago and comprises 22 CEOs and managing directors of banks and financial institutions operating in the UAE. The Council is an advisory platform characterized by discussing relevant issues and making decisions in the interests of the Federation, the UAE economy, the banking community and customers.
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