During its Second Meeting This Year CEOs Advisory Council Explores the Initiative on Digitization Standard for the Blockchain

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During its Second Meeting This Year CEOs Advisory Council Explores the Initiative on Digitization Standard for the Blockchain

The CEOs Advisory Council of the UAE Banks Federation (UBF), a professional agent body comprising 48 member banks operating running in the UAE, fulfilled for the second time this year to talk about latest growths and difficulties in the banking sector. The Council has additionally assessed progress on present initiatives specifically, Moral marketing Standard procedure as well as Customers Issue Structure.

" We had a fruitful meeting taking a look at a variety of propositions and campaigns of our technological committees, which intend to raise the standards in accordance with the most effective global practices in the banking sector. In accordance with UBF and banks mandate to promote innovation, we had the ability to check out potential digitization standard for the Blockchain, which will certainly recognize new spaces for renovation of efficiency and customer experience. Abdul Aziz Al Ghurair, Chairman of UBF.

The Chief executive officers Council has additionally taken on UBF Digital Banking Committee initiative to carry out a usefulness research for blockchain innovation and discover opportunities for developing an industry criterion to digitize various procedures within the financial institutions. In this environment, blockchain's characteristics of safety and security, distributed data and decentralization show up to supply a potential remedy to enhancing both performance and the customer experience by decreasing handling expenses and enabling the financial institutions to focus on more customer-focused activities.

During the conference, Mr. Daniel Glaser, a Principal with the Financial Integrity Network, addressed the Council describing the actions that will certainly make it possible for financial institutions in the UAE to improve their AML (Anti-Money Laundering) and permissions compliance.

The Council additionally discussed key subjects to be addressed during the 5th version of the Middle East Banking Forum, a leading banking forum, which is scheduled to occur on 22 November 2017. The annual occasion is presented by UAE Banks Federation together with Financial Times Live and The Banker.