The UAE’s Steering Committee and National SWIFT User Group held their regular meeting on June 13, chaired by Mr. Jamal Saleh, Director General of the UAE Banks Federation and Chairman of the SWIFT User Group Steering Committee in the UAE.
The meeting approved the minutes of the previous session and reviewed progress on the current year’s action plan and activities.
Participants praised efforts supervised by the Central Bank of the UAE to advance the banking sector, enhance payment processes, and improve the efficiency and security of the banking transfer system, solidifying the UAE’s position as a global financial and trade hub.
Initiatives and Strategy
The committee commended the initiatives of the UAE Banks Federation and the outcomes of the recent annual SWIFT Conference held in the UAE. These initiatives are pivotal in achieving the goals of the “National Payment Systems Strategy” launched in 2019, aimed at developing innovative payment solutions and enhancing customer experiences through the instant payment platform. This strategy reinforces the UAE’s leading position in digital advancement, innovation, resilience, and security in the banking and financial sector.
Mr. Jamal Saleh remarked, “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 significantly improved payment operations and the efficiency and security of banking transfers. It provides a platform for exchanging views and insights that support decision-making and leverages the knowledge and expertise of SWIFT’s global network to enhance banking practices and professional capabilities in the UAE’s banking sector.”
He added, “The initiatives of the Steering Committee and the National SWIFT User Group in the UAE contribute to enhancing the financial ecosystem, fostering local business environments, strengthening cooperation, streamlining payment processes, and driving digital transformation to meet the sector’s needs. They also focus on developing secure and efficient payment systems in line with Central Bank of the UAE policies.”
Strategic Goals and Future Plans
Mr. Jamal Saleh emphasized the Steering Committee and the National SWIFT User Group’s role in achieving the UAE’s strategic goals of doubling non-oil foreign trade, with payments being crucial in facilitating trade exchanges. He highlighted the contributions of the committee members, who bring extensive experience and broad knowledge in the banking sector, supporting banks in adopting the best policies and latest technologies for payment operations.
The meeting also stressed the importance of coordinating efforts to ensure the active participation of member banks in the UAE Banks Federation at the Society for Worldwide Interbank Financial Telecommunication Conference (SIBOS), scheduled in Beijing, China, from October 21-24, 2024. This platform is vital for enhancing cooperation with global financial institutions and technology providers. SWIFT enables secure and reliable communication and financial information exchange for over 11,000 financial institutions in more than 200 countries, contributing to global financial and trade exchanges.
Mr. Jamal Saleh stated, “The Steering Committee and the National SWIFT User Group are dedicated to supporting the SWIFT User Training Centre to qualify payment professionals.” This training centre, under the UAE Banks Federation, is the first of its kind in the Middle East and North Africa for SWIFT users, organizing courses to certify system users from SWIFT User Group and UAE Banks Federation members.
