By Sam Bridge
UAE Banks Federation says two technical committes will cover Fintech and consumer protection while three advisory committees will deal with compliance, risk, and information security
The UAE Banks Federation (UBF) has announced that it has launched five new committees to promote the growth and transformation of the country's financial sector.
Two technical committes will cover Fintech and consumer protection while three advisory committees will deal with compliance, risk, and information security, the federation said in a statement.
UBF said it has introduced the new committees to enhance the sector’s ecosystem, and support both banks and the local community.
The launch of the Fintech and Consumer Protection Committees increases the number of UBF’s technical committees to 22.
Aligned with the UAE’s Vision 2021 to transition to a knowledge-based economy, the Fintech Committee has been introduced to foster an environment conducive to product and partnership innovation in the banking industry, and improve capabilities in technology to achieve sustainable growth.
The Consumer Protection Committee has been introduced to act as a proactive forum for UBF, its member banks, and Central Bank of UAE to propose and drive improvements to policies and procedures.
The Compliance, Risk and Information Security advisory committees are the first launched by the UBF. Comprising banking representatives, they have been introduced to advise their respective main technical committees.
Abdulaziz Al Ghurair, 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.
"The pillars we have chosen to build on are fundamental to the economy, and by better preparing banks for the future, we are securing a better future for the UAE and wider region.”
The UBF also said it has welcomed the National Bank of Bahrain as a member, increasing the total membership to 53.