SWIFT User Group Highlights Open Finance’s Role in Development of Payment
Abu Dhabi- Dubai, United Arab Emirates, …. February 2025:
The Steering Committee and National SWIFT User Group in the UAE held its first quarterly meeting for the year 2025 on Thursday, February 13, 2025, under the chairmanship of Mr. Jamal Saleh, (Director General of UAE Banks Federation (UBF) and Chairman of the SWIFT User Group steering Committee in the UAE).
The meeting focused its discussions on the future of ‘Open Finance’ and its role in the development of payments, in accordance with the Central Bank of the UAE’s (CBUAE) vision to accelerate digital transformation in a secure environment that meets customer requirements. Participants praised the progress made to keep pace with the developments in payments, improve them and enhance the effectiveness and security of the bank transfer system, which strengthens the UAE's position as a global financial and trade hub.
The meeting hailed the initiatives of UBF (the sole representative and unified voice of UAE banks), and its role in achieving the objectives of the National Payment Systems Strategy (NPSS), developing innovative payment solutions, enhancing customer experience, and cementing the UAE’s leading position in technological development, innovation, resilience, and security of the banking and financial sector.
The Steering Committee and National SWIFT User Group in the UAE reviewed the development of Open Finance, legislative and regulatory enhancements to provide the necessary frameworks for these solutions, and the importance of building partnerships between banks and fintech companies to accelerate the digital transformation journey and benefit from technical advancements. Participants in the meeting pointed out the importance of ‘Open Finance’ in enhancing the efficiency and competitiveness of the banking sector and providing advanced services at an appropriate cost to customers in a secure environment under the supervision of the Central Bank of the UAE, which has developed comprehensive frameworks for ‘Open Finance’ and data privacy and security protection.
The meeting discussed prospects of leveraging ‘Open Finance’ to provide faster, more transparent, effective and affordable international transactions, noting the important role played by Open Finance in enhancing transparency, as it requires strict regulations for data exchange, as well as the use of advanced technologies such as artificial intelligence in risk management, transaction security and compliance. The meeting encouraged banks and financial institutions to stimulate innovation and adopt ‘Open Finance’ solutions that contribute to enhancing digital payments locally and globally.
Mr. Jamal Saleh, Director General of UBF and Chairman of the SWIFT User Group Steering Committee in the UAE, said: "The digital transformation journey, under the supervision and guidance of the Central Bank of the UAE, has contributed to strengthening the fintech sector in the UAE by creating a solid financial infrastructure and developing the necessary legislative and regulatory frameworks. We are working to achieve the vision of the CBUAE to stimulate innovation across the financial sector by encouraging more digital businesses that have been approved, equipped with accurate, comprehensive, secure and collaborative data, which provides greater clarity and control to customers so that they can better manage their financial affairs".
He added: “Open Finance enhances transparency and efficiency in international financial transactions, and interoperability with open APIs, which enables SWIFT users to interact seamlessly with fintech solutions and digital wallets, especially that SWIFT's ISO 20022 system, which allows providing more consistent and organised data in payment processing, complies with the principles of open banking services”.
Director General of UBF and Chairman of the SWIFT User Group Steering Committee in the UAE stressed the firm commitment of UBF’s member banks to employ and adopt the best ‘Open Finance’ solutions that contribute to the development of payments and trade and supply chains, which contributes to achieving the goals of “We are the UAE 2031" to double non-oil trade to AED 4 Trillion, and non-oil exports to AED 800 billion by 2031, and consolidate the UAE’s position as a global financial and trade canter, as payments represent the backbone of international trade”.
The Steering Committee and National SWIFT User Group in the UAE is the first of its kind in the MENA region. Since its establishment in 2021, it has been playing a pivotal role in improving the performance of payment operations and enhancing the effectiveness and security of the bank transfer system. It represents an appropriate platform for exchanging views and insights that support decision-making, in addition to benefiting from the knowledge and experience of members of the SWIFT global network in developing banking work and enhancing the capabilities of employees in the banking and financial sector in the UAE.
Mr. Jamal Saleh praised the contributions of the members of the Steering Committee and National SWIFT User Group in the UAE, who enjoy long and extensive experiences and knowledge in the banking sector, a matter which contributes to supporting the banks to follow best policies and adopt the latest systems and technologies for payment operations and bank transfers.
