Abu Dhabi:The UAE Banks Federation (UBF) has emphasized the critical need for enhancing resilience, responsible innovation, and governance to boost the stability, growth, and competitiveness of the UAE's financial sector. This initiative aims to support socio-economic development and reinforce the UAE's status as a premier global financial hub.
According to Emirates News Agency, Abdul Aziz Al Ghurair, Chairman of UBF, highlighted these priorities during the UAE Financial Sector Supervisory Roundtable organized by the Central Bank of the UAE in Abu Dhabi. He stated that financial resilience, responsible innovation, and governance are essential to maintaining the UAE's distinguished financial position.
The roundtable gathered officials, specialists, and experts to discuss regulatory and supervisory advancements, emerging risks, and opportunities. Key themes included establishing a resilient and innovative financial sector framework, enhancing operational and cyber resilience, and aligning supervisory and industry outcomes.
Al Ghurair stressed the importance of collaboration between regulatory authorities and financial institutions under the Central Bank's supervision to fortify the financial sector against technological changes while upholding integrity, transparency, and stability. The UAE ranks first globally in consumer trust within the banking and financial sector for the third consecutive year.
He reaffirmed UBF's commitment to cooperating with the Central Bank and other relevant entities to define priorities, assign responsibilities, and develop measurable indicators for evaluating progress in fortifying the financial sector's resilience and future readiness. Al Ghurair outlined priorities like anticipating risks, enabling responsible innovation, and ensuring financial integrity and board accountability.
He also called for treating financial integrity as a strategic asset, emphasizing cooperation to combat financial crime amid AI-enabled fraud challenges. Al Ghurair underscored the necessity of strengthening governance across financial institutions and maintaining robust capital and liquidity positions.
Highlighting the role of innovation, Al Ghurair advocated for integrating new financial forms safely into the system, requiring cooperation among regulatory authorities, financial institutions, and technology providers. He emphasized the need for governance frameworks, risk management controls, and stakeholder coordination to utilize technologies like AI, digital assets, and blockchain responsibly.
The roundtable discussions focused on developing a resilient financial sector, enhancing cybersecurity, addressing fraud prevention trends, and aligning supervisory priorities with industry practices. These sessions promoted ongoing dialogue and cooperation between regulatory authorities and financial institutions.
