Home Banking & Finance UAE Bank Federations’s CEO’s advisory council hosted a virtual meeting to discuss...

UAE Bank Federations’s CEO’s advisory council hosted a virtual meeting to discuss latest developments and initiatives in UAE banking sector

CEO’s Advisory Council of the UAE Banks Federation (UBF)

The CEO’s Advisory Council of the UAE Banks Federation (UBF) held a virtual meeting today to discuss the gradual reopening of the economy, and how UAE banks will play a key role in leading the recovery from the COVID-19 pandemic by continuing to provide significant relief to the people and businesses that need it.

H.E. AbdulAziz Al Ghurair, Chairman of the UBF, said: “Now more than ever, it is our responsibility as leaders in the banking sector to uphold our promise to protect the economy. We are entering a new phase of the pandemic, in which restrictions have been lifted and the economy is gradually reopening, so we must forge a path to help customers, businesses and industries overcome the challenges that lie ahead. The UBF is working closely with its member banks and the Central Bank of the UAE, and we are using all our collective resources and tools to ensure we successfully navigate through the temporary difficulties we are facing as a nation, and once more prove our resilience and secure the future of the UAE.”

During the meeting, the CEO’s Advisory Council also highlighted the impact of the UBF’s National Fraud Campaign launched last month. With the support of the Central Bank of the UAE, Abu Dhabi Police, Dubai police and UBF’s member banks, the aim of the campaign is to protect the public by raising awareness about fraud and holding accountable all those found guilty of criminal activity. The campaign has had an exceptionally large reach thus far via multiple communication platforms, addressing topics such as SIM Swap, Data Privacy, Email Fraud and more.

In addition, the Advisory Council discussed the UAE’s existing wealth management market, and a proposed 6-week focused effort that will assess the current market ecosystem in order to develop a roadmap to grow the wealth management sector in the UAE. This initiative will allow UBF to identify the active key local and international players and determine how they can better work together to offer incentivized wealth management services. Furthermore, the UBF will analyze leading global wealth centers to establish potential changes and advancements that can be made to the UAE’s regulatory and legal frameworks.