UAE Banks Federation hosts seminar on future of open banking and finance

UAE Banks Federation hosts seminar on future of open banking and finance

Abu Dhabi, United Arab Emirates: UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, organised a virtual seminar on the prospects of open banking and finance on the 22nd of June, 2023. Several experts from the financial technology and banking sectors and senior executives of member banks of the federation attended the seminar. The seminar was organised as part of UAE Banks Federation's continuous efforts aimed at consolidating the leadership of the banking sector through supporting digital transformation and implementing advanced technologies to provide banking services that meet changing customer requirements. This is in line with the directives and policies of Central Bank of the UAE, which has established a comprehensive framework for open finance through the use of pre-approved customer data, supporting the development of innovative financial solutions and services while ensuring that retail customers, SMEs and corporates have better control over their data. Mr.Jamal Saleh, Director General, UAE Banks Federation, said, "The UAE is witnessing a paradigm shift in financial services as it accelerates digital transformation in the banking sector under the direct supervision of Central Bank of the UAE. The UAE has successfully laid a strong foundation for the growth of open banking