The steering committee and the Swift User Group in the UAE convened for a routine meeting on Monday, led by Jamal Saleh, the General Director of the UAE Banks Federation and the Chair of the Swift User Group in the region.
During the meeting, committee members reaffirmed their dedication to supporting digital transformation and the advancement of payment systems under the direct oversight of the Central Bank of the UAE. This effort aims to meet customer demands, bolster confidence in the banking and financial sectors, and achieve the objectives of the national payment system strategy and financial infrastructure transformation program. The overarching goal is to accelerate digital progress and enhance the UAE’s stature as a prominent hub for financial, banking, and global trade.
The discussion also addressed the actions taken by the steering committee of the Swift User Group in the UAE in recent months to ensure continuous improvement in payment operations. The focus was on enhancing the effectiveness and security of banking transactions and leveraging the evolving legislative and regulatory frameworks established by the Central Bank of the UAE to keep pace with technological advancements and drive innovation for secure and innovative payment solutions.
Vital Role
Jamal Saleh commented, “Since its inception, the steering committee and the Swift User Group in the UAE have played a vital role in the development of payment systems, aligning with the strategic priorities of the UAE that stress accelerating digital transformation and reinforcing its position as a critical link in global supply chains and trade.” He added, “Our members operate under the direct supervision of the Central Bank of the UAE to enhance payment systems and improve the effectiveness and security of banking transfers, ensuring we provide the best solutions in an environment that meets customer needs while ensuring compliance with local and global regulations.” Saleh further noted that the UAE Banks Federation continues its initiatives to build and develop partnerships between banks and fintech companies to speed up the digital transformation journey and enhance the efficiency and competitiveness of the banking sector.
Recognition
Participants in the meeting praised the initiatives of the UAE Banks Federation, which resulted in the UAE being selected to host the global “Sibos 2029” banking operations conference and exhibition, organized annually by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). They emphasized the commitment of the steering committee and the Swift User Group in the UAE to work closely with the UAE Banks Federation for the successful hosting of this global event, showcasing the UAE’s leadership position and its role in shaping the future of payments and financial services.
It is important to note that the steering committee and the national Swift User Group in the UAE play a crucial role in improving the performance of payment operations and enhancing the effectiveness and security of banking transfers. Swift enables secure communication and information exchange for over 11,000 financial institutions in about 200 countries worldwide.