SWIFT User Group Underscores Role Of Payment Development Initiatives In UAE’s Position As Financial And Trade Hub

The Steering Committee and National SWIFT User Group in the UAE held their regular meeting yesterday (June 13th) chaired by Mr. Jamal Saleh, Director General of UAE Banks Federation and Chairman of the SWIFT User Group steering Committee in the UAE.

The meeting approved the minutes of the previous committee meeting and reviewed the progress made in implementing the current year’s action plan and activities. They praised the efforts undertaken under the supervision of Central Bank of the UAE in keeping pace with developments in the banking and financial sector to improve payment processes and enhance the efficiency and security of the banking transfer system, solidifying the UAE’s position as a global financial and trade hub.

The meeting commended the initiatives of UAE Banks Federation and the outcomes and recommendations of the recent annual SWIFT Conference held the UAE. These initiatives play a crucial role in achieving the goals of the “National Payment Systems Strategy” launched in 2019 to develop innovative payment solutions and enhance customer experiences through the instant payment platform, and reinforce the UAE’s leading position in digital advancement, innovation, resilience, and security in the banking and financial sector.

Mr. Jamal Saleh, Director General of UB and Chairman of the SWIFT User Group steering Committee in the UAE, commented: “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 played a vital role in improving payment operations and enhancing the efficiency and security of the banking transfer system. It provides a platform for exchanging views and insights that support decision-making and leverages the knowledge and expertise of SWIFT’s global network members to develop banking practices and enhance the capabilities of professionals in the UAE’s banking and financial sector through various events.”

He added, “The initiatives of the Steering Committee and the National SWIFT User Group in the UAE contribute to enhancing financial ecosystem to foster local business ecosystem, strengthening cooperation, streamlining payment processes, and driving digital transformation to meet the needs of the banking and financial sector. They also develop secure and efficient payment systems in line with the policies of Central Bank of the UAE.”

Mr. Jamal Saleh emphasised the important role of the Steering Committee and the National SWIFT User Group in achieving the UAE’s strategic goals of doubling non-oil foreign trade, with payments playing a key role in facilitating trade exchanges. He highlighted the contributions of the SWIFT User Group Steering Committee members, who possess extensive experience and broad knowledge in the banking sector, supporting banks in adopting the best policies and latest systems and technologies for payment and banking transfer operations.

The meeting stressed the importance of coordinating efforts to ensure the distinguished participation of member banks in UAE Banks Federation at the Society for Worldwide Interbank Financial Telecommunication Conference (SIBOS), to be held in Beijing, China, from October 21-24, 2024. This platform is crucial for enhancing cooperation with leaders of financial institutions and technology providers worldwide. SWIFT enables communication and financial information exchange for over 11,000 financial institutions in more than 200 countries in a secure and reliable environment, contributing to global financial and trade exchanges.

Mr. Jamal Saleh said, “As part of its ongoing efforts to develop the payment system, the Steering Committee and the National SWIFT User Group are committed to supporting the SWIFT User Training Centre to qualify payment professionals.” Notably, this training centre, under the umbrella of UAE Banks Federation, is the first of its kind in the Middle East and North Africa for SWIFT users, organizing training courses to certify system users from SWIFT User Group members and UAE Banks Federation members.