UAE Banks tout Payment Innovations as Key to Maintaining Financial Hub Status

The UAE Banks Federation (UBF), in its role as chair of the National SWIFT User Group in the UAE, is highlighting the importance of ongoing payment development initiatives for the country's continued success as a global financial and trade hub.

This focus on innovation comes amidst meetings of the SWIFT User Group steering committee. The group, established in 2021 as the first of its kind in the Middle East and North Africa, plays a vital role in fostering collaboration and knowledge exchange within the UAE's banking sector.

According to Jamal Saleh, Director General of the UBF and Chairman of the steering committee, these initiatives contribute significantly to strengthening the country's financial ecosystem. By streamlining payment processes and driving digital transformation, the UAE can solidify its position as a leader in financial technology and meet the evolving needs of its banking and business sectors.

Saleh further commended the efforts of the Central Bank of the UAE (CBUAE) in keeping pace with advancements in the global financial landscape. The CBUAE's focus on improving payment efficiency and security directly aligns with the goals of the National Payment Systems Strategy launched in 2019.

This strategy prioritizes the development of innovative payment solutions to enhance customer experiences. A key component of this strategy is the instant payment platform, which has played a significant role in propelling the UAE towards a position of leadership in digital advancement, security, and resilience within the financial sector.

The recent annual SWIFT Conference held in the UAE was also lauded by the group. The conference provided a valuable platform for discussing and exploring the latest trends and innovations in the global payments landscape. The insights gleaned from these discussions will undoubtedly contribute to the continued development of the UAE's financial infrastructure.

Looking ahead, the National SWIFT User Group remains committed to working collaboratively with all stakeholders within the UAE's financial sector. By fostering a spirit of innovation and knowledge exchange, the group will play a pivotal role in ensuring the UAE's continued success as a leading financial and trade hub.

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