UBF: Smart Banking Empowers Future Economy
Abu Dhabi, United Arab Emirates, 9 April 2025:
The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, has emphasised the importance of continuing initiatives and efforts to advance smart banking services in order to build a future economy characterised by prosperity, resilience, financial inclusion, transparency, diversification, and sustainability.
During its participation in the 14th edition of the AIM Investment Summit, UBF reaffirmed the banking sector’s commitment to developing and adopting smart solutions and advanced technologies. This is to enhance the UAE’s position as a global financial and logistics hub, under the direct supervision of the Central Bank of the UAE, which sets the appropriate frameworks to achieve the country’s strategic goals by enabling the financial and banking sector to play its vital role in sustainable economic and social development.
The AIM Investment Summit, taking place from April 7 to 9, 2025, under the theme “The New Wave of a Globalised Investment Landscape: Towards a New Balanced World Structure,” hosts heads of state, more than 60 ministers and central bank governors, 30 city mayors, 1,250 speakers, 16 heads of stock markets, 600 exhibitors, and over 20,000 participants from 180 countries—highlighting its status as a leading global investment platform.
In his keynote speech at the “Future of Finance” session, which featured senior officials and experts from the banking, finance, and technology sectors, Mr. Jamal Saleh, Director General of UBF, said: “The banking sector is distinguished by its progressive approach in adopting and developing advanced technologies to deliver seamless and secure banking services to customers. The proactive role of the Central Bank of the UAE fosters innovation to meet the evolving needs of diverse customer segments and keep pace with rapid advancements in fintech, while ensuring optimal conditions for protecting digital infrastructure and cybersecurity.”
He added: “Guided by the visionary leadership of the UAE, the country is redefining innovation and ambition across various fields, spearheading digital transformation and smart services. The UAE Digital Strategy aims to double the digital economy’s contribution to the GDP—from 9.7% to over 20% by 2031—underscoring the commitment to strengthening its leading status as a global centre for finance, investment, and trade.”
The Director General of the UBF noted that “The initiatives launched by the Central Bank of the UAE have led to a qualitative leap in financial services and strengthened the UAE’s pivotal role in shaping a better future for the banking industry locally, regionally, and globally. Supportive regulations, robust frameworks, and ambitious initiatives like the Digital Transformation Programme for financial services have established an integrated ecosystem that empowers financial institutions, tech companies, and investors to innovate, operate with confidence, and manage risks efficiently.”
“UAE banks continue to invest in upgrading their technology infrastructure, offering specialised services, and continuously enhancing digital channels. This has significantly increased the adoption of digital services, with more than 95% of all transactions at leading banks now conducted digitally, and over 90% of services available via smart phones—placing the UAE among the world’s top performers in digital banking.”
Mr. Saleh highlighted the importance of leveraging rapid developments in digital technologies to create innovative solutions for building the future economy, noting that the UAE banking sector is at the forefront of these efforts by deploying blockchain, artificial intelligence, data analytics, and cloud computing to provide better services, enhance operational excellence, and improve risk management and regulatory compliance. “To further strengthen the role of smart banking in achieving economic growth and diversification, we must continue to invest in digital infrastructure, cybersecurity frameworks, and supportive regulatory environments that promote innovation while ensuring the protection of customers and the financial system,” he added.
Mr. Saleh also discussed the key factors and trends driving digital and smart transformation efforts, and the role of UBF and member banks in fostering collaboration with fintech firms and relevant institutions to develop a thriving smart banking ecosystem. He pointed to initiatives for talent development, raising awareness of digital services, cybersecurity, and fraud prevention, as well as sustainable finance aligned with environmental, social, and governance (ESG) standards, and wealth and investment management solutions integrated through APIs and AI capabilities. He stressed that the UAE has successfully laid the foundation for the growth of open banking and finance in a secure environment—enabling the provision of tailored banking services that meet the needs of all customer segments and enhance financial inclusion.
In addition to the future of finance, the main themes of the AIM Investment Summit included global trade, foreign direct investment, startups and unicorns, smart cities, global manufacturing, the digital economy, and entrepreneurship. The current edition featured more than 400 panel discussions and 13 high-level roundtable meetings.
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About UAE Banks Federation (UBF):
Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 62 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE’s banking ecosystem for the benefit of members, customers, and the overall UAE economy.
UBF’s mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country.
UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF’s policies and activities. The CEOs Council also makes directional decisions through UBF’s General Secretariat for UBF’s 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks.