ABU DHABI, 14th June, 2024 (WAM) -- The Steering Committee and National SWIFT User Group in the UAE held their regular meeting chaired by Jamal Saleh, Director General of UAE Banks Federation and Chairman of the SWIFT User Group steering Committee in the UAE.
The meeting approved the minutes of the previous committee meeting and reviewed the progress made in implementing the current year's action plan and activities.
They praised the efforts undertaken under the supervision of Central Bank of the UAE in keeping pace with developments in the banking and financial sector to improve payment processes and enhance the efficiency and security of the banking transfer system, solidifying the UAE's position as a global financial and trade hub.
The meeting commended the initiatives of UAE Banks Federation and the outcomes and recommendations of the recent annual SWIFT Conference held the UAE. These initiatives play a crucial role in achieving the goals of the "National Payment Systems Strategy" launched in 2019 to develop innovative payment solutions and enhance customer experiences through the instant payment platform, and reinforce the UAE's leading position in digital advancement, innovation, resilience, and security in the banking and financial sector.
Jamal Saleh, Director General of UB and Chairman of the SWIFT User Group steering Committee in the UAE, commented: "Since its establishment in 2021 as the first of its kind in the Middle East and North Africa, the steering committee and the National User Group for SWIFT have played a vital role in improving payment operations and enhancing the efficiency and security of the banking transfer system. It provides a platform for exchanging views and insights that support decision-making and leverages the knowledge and expertise of SWIFT's global network members to develop banking practices and enhance the capabilities of professionals in the UAE's banking and financial sector through various events."
He added, "The initiatives of the Steering Committee and the National SWIFT User Group in the UAE contribute to enhancing financial ecosystem to foster local business ecosystem, strengthening cooperation, streamlining payment processes, and driving digital transformation to meet the needs of the banking and financial sector. They also develop secure and efficient payment systems in line with the policies of Central Bank of the UAE."
Jamal Saleh emphasised the important role of the Steering Committee and the National SWIFT User Group in achieving the UAE's strategic goals of doubling non-oil foreign trade, with payments playing a key role in facilitating trade exchanges.
He highlighted the contributions of the SWIFT User Group Steering Committee members, who possess extensive experience and broad knowledge in the banking sector, supporting banks in adopting the best policies and latest systems and technologies for payment and banking transfer operations.