HE Abdul Aziz Al Ghurair, Chairman of UAE Banks Federationby Kudakwashe Muzoriwa
The UAE Banks Federation (UBF), a body representing 53 lenders in the country, formed two new technical committees (fintech and consumer protection) and three advisory committees (compliance, risk, and information security) to promote the growth and transformation of the UAE banking sector.
UBF stated that it introduced the new committees to enhance the sector’s ecosystem and support both banks and the local community.
The fintech committee was launched to foster an environment conducive to product and partnership innovation in the banking industry and improve capabilities in technology to achieve sustainable growth.
Similarly, the UBF introduced the consumer protection committee to look after all consumer protection issues in the UAE banking sector. The committee will be a proactive forum for UBF, its member banks and the Central Bank of UAE (CBUAE) to propose and drive improvements to policies and procedures.
CBUAE recently launched a consultation exercise for a new financial consumer protection regulatory framework which will help the regulator to develop and implement new regulations that include more comprehensive requirements for all financial institutions under its supervision.
HE Abdulaziz Al Ghurair, the Chairman of the UBF, said, “With the introduction of five new committees, we hope to further raise the standards of the industry, and support the UAE’s progressive vision to empower society at all levels.”
Furthermore, the compliance advisory committee, risk advisory committee, and information security advisory committee are the first advisory committees launched by the UBF.
The advisory committees will comprise of banking representatives and they have been introduced to advise their respective main technical committees.