ABU DHABI, 12th May 2025 (WAM) -- The UAE Banks Federation (UBF) has reiterated its commitment to enhance the efforts of its member banks to develop the necessary frameworks, under the direct supervision of the Central Bank of the UAE.

This ensures the best utilisation of advanced technologies in the banking industry and maintains the UAE's leading position in driving financial and banking innovation and providing an advanced, smooth, and secure experience for all customers.

In a press statement, UBF stressed that the banking industry is among the best sectors in adopting and employing advanced technologies. The financial and banking sector in the UAE is keen to accelerate the digital transformation to keep pace with the rapid developments in technology to meet customer requirements, and contribute to the socio-economic development of the UAE.

This came at the MEA Finance Banking Technology Summit and Awards 2025, held in Dubai. More than 500 experts, bank CEOs, business leaders in the banking sector, fintech companies and advanced technologies discussed opportunities, challenges and ways to enhance integration and partnerships between banks and fintech companies.

In his keynote speech at the summit, Jamal Saleh, Director-General of UBF, said, "With unprecedented technological advances influencing various aspects of life, the financial and banking sector is cementing its leading role in employing advanced technologies to provide banking services that meet customer requirements and contribute to driving economic growth and diversification efforts in the UAE, under the supervision and guidance of the Central Bank of the UAE.

"The banking sector in the UAE reaffirmed its regional and global leadership in driving innovation through ambitious initiatives to accelerate the digital transformation journey, in line with the UAE government digital strategy to double the contribution of the digital economy to the country's GDP while ensuring the best conditions to protect digital infrastructure and cyber security."

He added, "The supportive legislation and regulatory frameworks and ambitious initiatives of the Central Bank of the UAE have contributed to providing an integrated ecosystem that allows financial institutions, technology companies and investors to innovate, work with confidence, and manage risks efficiently. UBF continues its efforts to support member banks to modernise the technology infrastructure and provide specialised services and to continuously develop digital channels."

He stressed, "The integration of advanced technologies and financial and banking services is essential for the continued development of the banking industry and the provision of services that meet the requirements of the digital age," explaining that, "The UAE banks are already employing blockchain, artificial intelligence, data analysis and cloud computing, which allow them to provide better services with effective management of their operations."

He called for continued investments in digital infrastructure, appropriate frameworks for cybersecurity, and a supportive regulatory environment that encourages innovation and provides necessary protection for customers and the financial system, stressing the importance of developing human capital, especially Emiratis, increasing awareness of digital services, cybersecurity and anti-fraud, and sustainable financing that focuses on keeping pace with environmental, social and governance standards.

He noted the UAE's experience in developing banking services and the open finance initiative to increase financial inclusion and support the growth of small and medium-sized enterprises EMEs and entrepreneurs.

The MEA Finance Banking Technology Summit's sessions included discussions on the capabilities of technology in improving banking and financial services while maintaining the security of systems within regulatory frameworks, prospects for developing customer service, and using data to understand the needs and requirements of various customer segments to provide services tailored to meet these requirements.

The MEA Finance Banking Technology Awards 2025 recognised the commendable achievements of banks and technology businesses for their delivery of smarter banking solutions as well as their role promoting digital transformation by building and providing advanced and effective systems and solutions that meet the requirements of customers in the digital age.