UBF CEO's Advisory Council gives greater priority to Emiratization and evaluates change in banking sector
Meeting between members of the UBF Chief Executive Officers' Advisory Council to discuss the latest developments, issues and developments in the field of finance and banking in the UAE with particular focus on Emiratization.
Directed by H.E. AbdulAziz Al Ghurair, Chairman of UBF, The meeting focused on a variety of topics, including the progress of existing UTF projects and initiatives, and the development of emiratization initiatives, innovations and results, from UBFs latest trust Index Survey, and the upcoming Middle East Banking Forum (MEBF) in November 2019.
Speaking at the event, H.E AbdulAziz Al Ghurair said: The staggering amount of change and transformation in the UAE banking sector is an increasingly necessary forum for regular meetings, so that we can analyze key strengths, opportunities and challenges in this sector. For this particular meeting we identified our priorities in terms of current events in the financial and banking industry and the overall larger economy. The recent announcement of the creation of more than 20,000 jobs for Emirates in top-level sectors, including banking, has prompted us to focus on the emiratization efforts within banks and evaluate ways to work together to improve the skills and expertise of the UAE. In addition, we hope that the banking sector will continue to grow and grow in line with the more favorable results of the recently announced Trust Index Survey 2018.
Uniquely positioned at the heart of the banking sector that supports the economy, the UPF has the responsibility of supporting the UAE's progressive vision of empowering society at all levels. Whether it is facing ever-changing challenges in the market, or developing skills to increase recruitment to key positions in the UAE's industry, the UPF continues to work towards a stable and diversified economy.
Current projects and initiatives in the banking industry focus on innovation and digitalization and aim to provide easy access to many government and non-government services. Starting next month, banks will begin accepting the UAE Pass, a new mobile app that serves as a digital identity and digital signature solution, enabling individuals to conduct financial transactions, upload documents, verify documents and share data. Emirates Digital Wallet, a tool aimed at promoting financial inclusion and driving the cashless community, will soon be launched.
The council also discussed the seventh edition of the MEBF, under the theme of 'Unlocking the Future, Shifting the paradigm, which is set to bring together more than 500 representatives, including governors, banks' C-executives, financial regulators and private sector corporations to Discuss opportunities and challenges in the financial sector. It focuses on key topics including FinTech, Islamic Finance and Risk Management, and will be held on November 12, 2019 at the Fairmont Bab Al Bahr Hotel in Abu Dhabi.
