Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), led a significant roundtable discussion with key figures from the Foreign Exchange and Remittance Group to review ongoing developments in the UAE’s exchange business. The roundtable, which included the participation of CBUAE Assistant Governors, focused on prudential supervision, market conduct, anti-money laundering and counter-terrorism financing (AML/CFT) measures, and the regulatory framework surrounding exchange houses.
With over 1,000 exchange branches operating across the UAE, the participants highlighted the sector’s integral role in the national financial services landscape. These exchange houses contribute significantly to financial accessibility, offering remittance services and foreign exchange solutions to both residents and expatriates.
The dialogue also emphasized two key trends reshaping the sector: the digitalization of financial services and the increasing push toward Emiratisation, aiming to enhance the participation of UAE nationals in the financial sector workforce.
Balama stressed the CBUAE’s commitment to enhancing the regulatory framework governing exchange businesses, ensuring they remain robust, compliant, and innovative. “We at the Central Bank are keen to enhance the regulatory framework and develop the services provided by exchange houses to support the progress of the financial sector in the UAE,” he said.
He also reiterated the importance of fostering regular open communication with licensed financial institutions, ensuring that initiatives aimed at advancing financial sector infrastructure and Emiratisation efforts are well-supported. The CBUAE’s collaboration with exchange houses is seen as vital in maintaining the UAE’s standing as a global financial hub and in bolstering the nation’s economic resilience.