UAE Banks Federation reviews banking sector challenges
The newly established council is to provide a broader platform for CEOs of member banks to share their opinions and widen decision-making bases. Members of the CEOs Advisory Council of UAE Banks Federation (UBF) held its third quarterly meeting of the year online, which was presided over by Abdulaziz Al Ghurair, chairman of UAE Banks Federation. The meeting discussed the changing dynamics in the UAE banking sector and the challenges faced, with a focus on joint efforts with the Central Bank of the UAE, as well as the nationwide campaign of fraud awareness that it launched together with the Central Bank and Abu Dhabi and Dubai Police.
Abu Dhabi Investment Authority to invest in TMF Group
Abu Dhabi Investment Authority has agreed to invest in TMF Group, the corporate-trust services provider owned by CVC Capital Partners that had been exploring an initial public offering. A total of €1.75 billion ($1.78 billion) was paid by CVC to acquire the company in 2017. According to the people, TMF expects double-digit revenue growth this year. As a result, IPO candidates are increasingly exploring other options for raising funds. CVC in 2021 attempted to take over Dutch tax administration specialist Intertrust NV and merge it with TMF in a deal that would have created a global giant in tax administration and corporate trust services.
Emirates NBD launches national digital talent program
Emirates NBD has partnered with the Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Office to launch the ‘National Digital Talent Program’, as part of its efforts to support the UAE government’s National Strategy for Artificial Intelligence 2031. In line with the program, to provide the necessary resources to equip young UAE nationals with critical skills and practical knowledge needed to flourish in the field of digital and information technologies including artificial intelligence, Emirates NBD has signed a memorandum of understanding (MoU) with partners including Higher Colleges of Technology (HCT) and University of Sharjah (UoS).
NBB signs extended partnership with Mastercard
The National Bank of Bahrain (NBB) and global payments and technology company Mastercard have teamed up to elevate their existing offerings and provide NBB’s customers with a differentiated, digital-first experience with value-added benefits. The seven-year partnership signing took place during Mastercard’s Mena Executive Council’s inaugural event that was held in Paris, France. Furthermore, the partnership includes a credit offering and the launch of the bank’s highest tier of cards, targeted at ultra-high-net-worth individuals (UHNWI), offering priceless lifestyle and travel benefits and experiences.
Citi UAE introduces recycled plastic for corporate cards
Every rPVC card will be made with 85% recycled industrial waste per finished card and represents a reduction in CO2 emissions during the card manufacturing process, delivering a reduction of 36% CO2 emissions in comparison to a standard PVC card. Citi is committed to its goal of achieving net zero emissions associated with its financing by 2050, and net zero emissions for operations by 2030. With these goals in mind, the focus is on the environmental impact of its processes and how it can provide sustainable products and solutions.
Mashreq Bank signs e-sports partnership with Galaxy Racer
Mashreq Bank has partnered with Dubai-based Galaxy Racer (GXR), a transmedia powerhouse, to launch a content series and gaming tournaments and support 10 of the region’s top content creators. Commenting on the partnership, the Founder and CEO of Galaxy Racer, Paul Roy, said: “By combining our shared values and beliefs to nurture the next generation of gaming talent and content creators, we believe we can create some fun and engaging content and activations for our always-growing community.”
Zand gets banking license from CBUAE
Zand, the first digital bank to provide both retail and corporate services, announced that it had been granted a banking license from the Central Bank of the UAE to become Zand Bank, a fully licensed bank. By successfully securing a UAE banking license, Zand is now authorized and regulated to operate as a fully independent commercial bank. Zand’s chairman, Mohamed Alabbar said, “We’re thrilled that Zand has reached another milestone and is now a fully licensed bank. With a UAE banking license, we look forward to commencing our innovative banking services and contributing to the UAE’s legacy of innovation as well as economic growth.”
ADCB joins the ‘Buna’ system to enhance regional cross-border payments
Abu Dhabi Commercial Bank (ADCB) announced that it has joined the Arab Monetary Fund’s (AMF) Buna system. ADCB delivered a strong performance in the first quarter of 2022, reporting a net profit increase of 32 percent year-on-year (YoY) to Dhs1.483bn, which is equivalent to a return on average tangible equity of 12.6 percent. The platform also offers more stringent levels of governance and transparency through increased oversight from central banks as well as effective reporting and compliance mechanisms.
