Business

The Chief Executive Officers Advisory Council of UAE Banks Federation (UBF), a specialist agent body consisting of 48 member banks operating in the UAE, held its 4th meeting of the year in Dubai today to evaluate the progress of the federation's initiatives mostly on Digitization standard for the blockchain, along with SMEs access to finance

" The meeting was constructive and fruitful offered the efforts and proposals, launched throughout the year with the goal to increase and improve requirements in UAE's banking sector. The meeting underpinned the increasing importance of collective initiatives to strengthen the industry and safeguarding it versus expanding risks from cybercriminals and defrauders as well as enhancement of customers experience via the initiatives adopted throughout the year particularly "Consumer issues framework and Ethical selling criteria. The council examined progression on present initiatives on Blockchain digitization standard in addition to assistance of SME market." stated H.E AbdulAziz Al Ghurair, Chairman of UBF.

Throughout the meeting, Mr. Fuad Mohammad, Chairman of Digital banking committee presented progress made so far on the committee's effort to conduct a feasibility research for blockchain technology and check out possibilities for developing an industry criterion to digitize different procedures within the banks, as blockchain qualities of protection show up to provide a potential service in improving effectiveness and banks customers experience.

" Mr. Brian Belcher, Chairman of the Risk Management Committee (RMC), dealt with the council and offered a number of RMC initiatives on enhancing the SME loaning environment in the UAE. This includes: stronger market-wide support for SME's, better bookkeeping standards in the market and enhanced due diligence by banks. "

The council also discussed latest advancements and difficulties in the banking industry, appropriate banking laws, and the recommended roll-out of value-added tax in 2018.

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