SWIFT User Group's AGM supports digital transformation, enhancing UAE's position as financial and trade hub

Abu Dhabi- Dubai, United Arab Emirates: The SWIFT User Group in the UAE held its Annual General Meeting (AGM), chaired by Mr. Jamal Saleh, Chairman of the SWIFT Users Committee in the UAE and Director General of the UAE Banks Federation, the sole representative and unified voice of UAE banks.
During the meeting, members approved the minutes of the 2024 Annual General Meeting and the audited financial statements for 2024, the budget for the current year (2025), the plans for the Group's activities, and its business plan to improve payment processes and benefit from the digital transformation in payments.
The SWIFT User Group's AGM stressed the importance of the Central Bank of the UAE's (CBUAE) initiatives in payments to meet customer needs, enhance confidence in the banking and financial industry, achieve the goals of the National Payment Systems Strategy (NPSS), accelerate digital transformation, and strengthen the UAE's position as a banking, financial and trade leading hub.
The AGM commended the initiatives undertaken by the Steering Committee of the SWIFT User Group in the UAE to keep pace with the latest trends in the financial and banking sector, improve payment processes, and enhance the effectiveness and security of bank transfers. The meeting called for capitalising on steps taken by CBUAE, especially on technological development, innovation, resilience, and security to promote innovative and secure payment solutions.
It praised initiatives of the Steering Committee of the SWIFT User Group in adopting and employing Open Finance to develop payments, in accordance with the CBUAE's vision, which focuses on benefiting from developments in the banking and financial industry while ensuring the provision of appropriate legislative and regulatory frameworks to stimulate innovation.
Participants at SWIFT User Group's AGM urged for enhancing partnerships between banks and fintech companies to accelerate the digital transformation journey, stressing the importance of Open Finance in enhancing the banking sector's efficiency and competitiveness. They expressed their appreciation to the members of the Steering Committee, who have extensive experience and knowledge, for their efforts in developing payments and supporting the banking and financial sector to play its role in socio-economic development and support international trade.
Mr. Jamal Saleh, Director General of UBF and Chairman of the SWIFT User Group Steering Committee in the UAE, said: "Payments is an essential element for socio-economic development and contributes to enhancing local and international trade. We continue our efforts and initiatives to provide innovative payment solutions, under the direct supervision of the Central Bank of the UAE, which establishes the necessary frameworks to develop payments and accelerate digital transformation in an environment that meets customer needs while ensuring compliance with local and international legislation and regulations'.
He pointed out the importance of the role of SWIFT User Group in adopting and employing the latest payment solutions, stressing the keenness of UBF and the SWIFT User Group Steering Committee to contribute to achieving the strategic goals of the UAE, which seeks to double non-oil foreign trade to AED 4 trillion, and increase non-oil exports to AED 800 billion by 2031.
"The Comprehensive Economic Partnership Agreements (CEPA), signed by the UAE with more than 27 trading partners, encourage us to redouble our efforts to improve the performance of payment operations and enhance the effectiveness and security of the bank transfer system to provide the best solutions to increase trade exchange in a reliable and smooth environment," he said.
Director General of UBF and Chairman of the SWIFT User Group Steering Committee in the UAE added: 'The UAE banking and financial sector has remarkable achievements in employing advanced technologies in various fields of banking, and payments in particular, to accelerate digital transformation. We remain committed to continuing our initiatives, in cooperation with our local, regional, and international partners, to develop capacities and capabilities of payment systems, developing talent, and continuously enhancing payments and bank transfers".
The Steering Committee and National SWIFT User Group in the UAE is the first of its kind in the MENA region. Since its establishment in 2021, it has been playing a pivotal role in improving the performance of payment operations and enhancing the effectiveness and security of the bank transfer system. It represents an appropriate platform for exchanging views and insights that support decision-making, in addition to benefiting from the knowledge and experience of members of the SWIFT global network in developing banking work and enhancing the capabilities of employees in the banking and financial sector in the UAE.
Swift allows communication and exchange of financial information in a secure and reliable environment for more than 11,000 financial institutions in 200 countries around the world, which contributes to the promotion of financial and trade exchanges.
About UAE Banks Federation (UBF):
Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 62 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy.
UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country.
UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

UAE Moments

an hour ago

• UAE Moments

Telegram's Pavel Durov to Divide Wealth Among His 100+ Kids

In true plot-twist fashion, Pavel Durov—founder of encrypted messaging giant Telegram —is planning to share his multi-billion-dollar fortune with over 100 children across the globe. Yes, 100+, and no, this isn't a sci-fi storyline. Speaking to French magazine Le Point, the 40-year-old tech mogul confirmed he has fathered six official children, along with dozens more through sperm donations in at least 12 countries. "I don't want them to tear each other apart after my death," he told the publication. His goal? Equal rights and zero posthumous drama. But don't expect these heirs to be cashing in anytime soon. Durov revealed that none of the kids—official or donor-conceived—will have access to their inheritance for another 30 years. 'I want them to live like normal people... to build themselves up alone... not to be dependent on a bank account,' he said, explaining that character matters more than cash. Based in Dubai, Durov recently made his will, citing the risks that come with his mission to defend freedom and privacy in an increasingly monitored world. 'Defending freedoms earns you many enemies, including within powerful states,' he noted. Telegram, launched in 2013, has become one of the world's most-used messaging platforms, clocking over a billion users monthly. But its unfiltered nature hasn't gone unnoticed by law enforcement. French authorities arrested Durov last year for allegedly failing to combat criminal activity on Telegram—accusations he firmly rejects. 'Just because criminals use our messaging service among many others doesn't make those who run it criminals,' he said. From creating an app used by millions to now creating… a massive inheritance plan for over 100 kids, Durov is definitely in a league of his own.

Zawya

7 hours ago

• Zawya

Jordan Source strengthens tech and investment ties in Europe with an official delegation to Germany

A high-level delegation from Jordan Source, representing the Ministry of Digital Economy and Entrepreneurship (MoDEE), continued the program's efforts to activate collaboration, transfer knowledge, and build bridges between Jordan and European innovation powerhouses, spearheading an official visit to Germany. The delegation, which included 16 representatives from both public and private sectors, focused on attracting foreign investment and showcasing Jordan's growing capabilities in the ICT and outsourcing industries. Led by MoDEE officials, the business delegation featured representatives from the Ministry of Industry, Trade and Supply (MoITS) and Jordan Export. The government officials were accompanied by leaders from prominent Jordanian tech companies, which included CEOs and founders Alaa Muqattash of Advanced Business Solutions (ABS); Ahmad Bourini of Denamica; Yazan Tadros of EduHax; Zaidoun Karadsheh of Media Plus and BeeLabs; Omar Asa'd of SmartEye; and Faris Aloul of Vamu. Each of these companies corresponded to Jordan Source's strategic focus areas, including cybersecurity, gaming, information technology outsourcing (ITO), business processing outsourcing (BPO), education technology, and creative industries. Held from 3rd to 9th of May, the visit was organized by Jordan Source with support from MoITS and the Innovative Private Sector Development Approaches for Employment Promotion (I-PSD) project, implemented by GIZ on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). This collaboration, further supported by Gateway Jordan—led by Oliver Gerbert—and the Saarland Economic Promotion Corporation, aimed to ensure comprehensive access to key stakeholders and innovation hubs across Germany, thereby maximizing opportunities for impactful engagements and the establishment of valuable connections. The delegation kicked off their activities in Berlin (3–7 May) with a visit to the Startup Unit of the Federal Ministry for Economic Affairs and Climate Action (BMWK) to explore Germany's startup support models and exchange insights on digital innovation. The delegation then continued to engage with the German Startups Association in an open discussion on ecosystem building, data-driven policymaking, and startup advocacy, gaining deeper insights into how the association supports over 1,200 members across all levels and regions. Furthermore, the trip to Berlin explored joint investments between Jordan and Germany in future-ready skills and workforce developments. The delegation shared its vision and innovations in digital learning with the Digital Education Lab (DEL) by the Berlin Chamber of Commerce and Industry (IHK), as well as Christiani Competence Centres, opening the doors for collaboration in digital and vocational education. Wrapping up the first part of the official visit, Jordan Source met with RESPOND Accelerator by BMW Foundation for an exchange on impact-driven startups and leaders shaping the future of sustainable innovation. This dialogue laid the foundation for fostering purpose-led tech and building global partnerships that drive positive change. Upon landing in Saarbrücken (7–9 May), the Jordan Source delegation strategically aimed to establish high-level connections and showcase Jordan's tech sector. A key briefing with the Saarland Economic Promotion Corporation introduced Jordan's leading technology companies to the European stage, laying the groundwork for future collaborations and highlighting mutual economic opportunities. The delegation also dedicated significant time to exploring the forefront of German research and innovation. Visits to leading institutions such as DFKI, specializing in advanced AI, and the dynamic innovation hub at Universität des Saarlandes provided invaluable insights into cutting-edge technologies and the synergy between academia and entrepreneurship. These engagements aimed to foster potential avenues for joint research, knowledge exchange, and the adoption of best practices. Furthermore, the delegation immersed itself in Saarbrücken's vibrant innovation ecosystem to identify concrete collaboration opportunities and strategic alliances. Interactions with collaborative spaces like East Side Fab and Halle 4 facilitated direct engagement with startups and ecosystem builders. Parallel discussions with The August-Wilhelm Scheer Institute and Dehub AI focused on leveraging digital transformation and applied AI to enhance Jordan's role in the global tech value chain, actively seeking tangible partnerships for long-term growth and mutual benefit. Jordan Source's successful visit to Germany underscores its mission to position the Kingdom as a regional hub for ICT investments and outsourcing. By building bridges between Jordanian and German tech ecosystems, the mission highlights Jordan's role as a rising leader in the global digital economy.

Zawya

7 hours ago

• Zawya

Ajman Department of Land and Real Estate Regulation and Ajman Bank sign strategic MoU to enhance financial integration

Ajman, UAE – The Ajman Department of Land and Real Estate Regulation has signed a Memorandum of Understanding (MoU) with Ajman Bank, marking a new chapter of collaboration aimed at advancing financial integration and enhancing banking services through innovative and digital-first solutions. The agreement was signed by H.E. Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation, and H.E. Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank. Commenting on the signing, H.E. Eng. Omar bin Omair Al Muhairi stated: 'This strategic partnership with Ajman Bank reflects our commitment to advancing the department's digital capabilities and streamlining financial performance. Ajman Bank plays a vital role in supporting our ongoing efforts to build an agile, tech-enabled regulatory environment that responds effectively to the needs of real estate developers and investors.' He further added that through this collaboration, the department will gain access to comprehensive, periodic reports on escrow accounts, enabling greater oversight of real estate development performance. The partnership also paves the way for more seamless financial transactions across stakeholder groups, reducing procedural complexity and delivering future-ready services grounded in speed, privacy, and operational excellence. H.E. Mustafa Al Khalfawi, CEO of Ajman Bank, commented: 'At Ajman Bank, we believe in the power of institutional collaboration to elevate the quality of financial services. This agreement reflects our shared vision of trust, integration, and efficiency, and supports Ajman's positioning as a competitive and investment-friendly emirate.' This partnership serves as a model for effective synergy between regulatory bodies and the financial sector, setting the stage for a more stable, transparent, and investor-centric real estate ecosystem in Ajman.