UAE Banks Federations CEOs Advisory Council meets to discuss latest developments and initiatives
The 28 members of the UAE Banks Federation (UBF)’s CEOs Advisory Council met today, June 20, 2018, in Dubai, to discuss the latest developments in the banking industry and review the progress of the federation’s initiatives aimed at developing and sustaining a thriving banking sector in the UAE.
Three topics topped the agenda of the meeting, chaired by Mr. Andre Sayegh, FAB Deputy Group CEO, were the launch of a Cloud-based Data Exchange Platform, the progress review of “Tasharuk” platform initiative and UBF’s “Complaints Handling framework”.
The council was briefed about the planned Cloud-based Data Exchange Platform proposed by the IT committee. Mr. Zubair Ahmed, Chairman of UBF’s IT Committee, reported that UBF is working towards launching the platform to host specific applications for key functional areas within the banking industry in order to promote stronger collaboration among banks. During the first phase of the launch expected in the fourth quarter of 2018, the cloud-based platform will feature a medium to share and exchange feedback and experience based on dealings with vendors of all services rendered to banks in UAE.
In his presentation on UBF’s cyber threat intelligence sharing platform, the “Tasharuk” initiative, launched by UBF in September 2017, Rinaldo R. Oliveira, Chairman of Cybersecurity Committee, emphasized that collaboration among the banks is critical in fighting cybercrimes in an increasingly challenging world and highlighted that “Tasharuk” aims to become a regional collaboration platform and has seen increasing interest from stakeholders in the UAE and GCC. The platform, which allows banks to share incidents of cyber-attacks and findings of investigations to help them thwart potential malicious threats, currently has more than 20 banks and over 100 users registered.
The council also evaluated the progress of the banks implementation of the Complaints Handling framework’s code of conduct and quality standards launched in October 2016 to enhance customer experience, as well as bring higher levels of transparency and efficiency in handling complaints in the UAE particularly among retail customers.
“On the back of stable macroeconomic and financial-market conditions, the banking sector in the UAE remains resilient and is projected to see further growth in the medium and long term. While the banking financial services sector continues to expand along with social, economic and technological advancements, evolving customer preferences, growing risk landscape and new regulatory developments are posing challenges to the industry, which the banks are addressing,” said Mr. Andre Sayegh, FAB Deputy Group CEO.
“As an organization representing this strategic sector, we have long identified the importance of collective efforts to develop and sustain a robust banking ecosystem, thereby enabling member banks to seize emerging opportunities and overcome challenges. The CEOs Advisory Council’s second meeting of the year addressed a number of challenges facing the industry and discussed new initiatives to implement best practices in the sector, reinforcing the importance of collaborative efforts,” Nasser Sarris, UBF Director General said.
The council also reviewed a number of papers and proposals put forward by the various committees of UAE banks federation (UBF), as well as draft regulations under consideration by the Central Bank of the UAE. Additionally, the meeting commended UBF’s recent launch of ‘Financial Literacy for SMEs’, as well as Consumers handbooks.