Wednesday 20, June 2018 by Kudakwashe

UBF’s CEOs advisory council discuss latest developments and initiatives

 

Three topics topping the agenda were the launch of a Cloud-based Data Exchange platform, the progress review of the Tasharuk platform initiative and the UBF’s Complaints Handling Framework

  

The 28-member United Arab Emirates Bank Federation (UBF) council discussed the latest developments in the banking industry and reviewed the progress of the federation’s initiatives aimed at developing and sustaining a thriving banking sector in the country.

Zubair Ahmed, Chairman of the UBF’s IT Committee, said the federation is working towards launching the Cloud-based Data Exchange platform to host specific applications for key functional areas within the banking industry in order to promote stronger collaboration among banks.

The platform is expected to be launched in the fourth quarter of 2018 and it will feature a medium to share and exchange feedback and experiences based on dealings with vendors of all services rendered to banks in the UAE, reported WAM.

Rinaldo R. Oliveira, Chairman of the Cybersecurity Committee, emphasised that collaboration among the banks is critical in fighting cybercrimes in an increasingly challenging world.

The Tasharuk initiative aims to become a regional collaboration platform and has seen increasing interest from stakeholders in the UAE and the GCC. The platform, which allows banks to share incidents of cyber-attacks and findings of investigations helps thwart malicious threats. Tasharuk currently has more than 20 banks and over 100 registered users, reported WAM.

The council also evaluated the progress of the banks’ implementation of the code of conduct and quality standards. Launched in October 2016, Complaints Handling Framework serves to enhance customer experience, as well as bring higher levels of transparency and efficiency in handling complaints in the UAE, particularly among retail customers.

According to Andre Sayegh, UBF Chairman, “On the back of stable macroeconomic and financial-market conditions, the banking sector in the UAE remains resilient and is projected to see further growth in the medium and long-term”, reported WAM.

 

Features & Analyses

Wealth Management Why is there no inflation?

  Mark Burgess, Deputy Global CIO & CIO, EMEA, Columbia Threadneedle Investments, writes about one of the biggest questions… read more