UAE Banks Federation Nods Strategic Plan To Boost Banking Sector


The federation agreed strategic goals for 2023 during the meeting in order to grow the banking industry and enhance its position under the Central Bank of the UAE's supervision.

According to insiders, the strategy calls for emiratization, with the aim of hiring 5,000 UAE citizens by 2026, and collaboration with the Emirates Institute of Banking and Financial Studies (EIBFS) to create a training curriculum for aspiring leaders in the banking and financial sectors.

The nationwide anti-fraud campaign that increased customer awareness was one of the federation's measures that received praise at the AGM last year.

The federation's initiatives to advance cybersecurity, boost the security and protection of digital infrastructure, and offer banking services to small and medium-sized businesses were also highlighted during the AGM.

Participants applauded the general secretariat for its role in increasing membership by including additional national, international, and digital banks operating in the nation. This helped to foster better cooperation between all banks and financial institutions that are part of the federation, which has 58 members as of this writing.

The UBF chairman, Al Ghurair, expressed his gratitude and appreciation to the Central Bank of the UAE for its ongoing assistance to the federation and direction provided to its members, which has allowed the banking industry to grow in the UAE.

In addition to the ongoing efforts to adopt best practises and develop cutting-edge digital solutions, he emphasised the significance of the federation's accomplishments over the previous year in promoting cooperation, coordination, and contact with multiple stakeholders.

The federation and the Boston Business Group recently collaborated to create a report on the banking and finance sector.

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