The Board of Directors of the UAE Banks Federation, a professional body representing 50 member banks operating in the UAE, has held its first meeting of the year, in Dubai.
Items given high priority for discussion during the meeting were the roll out of the Federation’s Mobile Wallet project, which will contribute to the UAE’s Smart Government initiative, other areas in which banks can contribute to the UAE’s year of innovation, collaboration and coordination with the Central Bank and further areas of co-operation with the Al Etihad Credit Bureau.
The meeting was headed by H.E AbdulAziz Al Ghurair, Chairman of UAE Banks Federation.
Progress made on the Mobile Wallet was reviewed by the Board, who commended UBF steering committee for its dedicated time and efforts to make the project ready for implementation, and has set an example for this unique experience, where banks under the umbrella of UBF have joined to conclude this project which will revolutionize payment services in the country.
The Board has also reviewed UBF activities of 2014, and noted with appreciation the consultative approach with Central Bank of UAE and its support to the banking industry on all issues, the latest of which was the launch of the Interim Margin Lending Facility. The board has also commended the launch of Al Etihad Credit Bureau services on the consumer’s reports, and discussed progress done on implementation of the regulations to appoint banking Experts.
The Board welcomed the report of the Federation on its second annual conference which drew over 250 attendees from around the region and which focused on the increasing need for innovation in a digitally connected world, and noted with interest the wish to go for the third conference this year.
Finally, the Board ratified the federation financial report for 2014, and approved the action plan and proposed budget for 2015.