CBUAE and UAE banks explore digitalization and consumer protection initiatives

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), hosted CEOs of UAE banks to discuss developments in consumer protection, financial crime supervision and a wide range of digitalization initiatives of the financial sector.

The forum discussed the role and mandate of the independent financial services ombudsman unit, Sanadak, with a focus on safeguarding consumer rights and resolving consumer complaints in accordance with applicable laws and regulations. He CBUAE encouraged the UAE banking sector to ensure smooth implementation of Sanadak.

He also highlighted the CBUAE Strict supervisory efforts to combat financial crimes continued following the UAE’s success in completing the requirements of the FATF action plan. This confirms the continued commitment of the UAE financial authorities and institutions to improve the integrity and security of the UAE financial system.

The forum discussed progress in implementing comprehensive digitally enabled financial services transformation initiatives, including the UAE instant payment platform, Aaniand the UAE’s first national card system, Jaywan.

He also discussed developments in the domestic and international launch of the central bank’s digital currency program. “Digital dirham” and next implementation steps in the Open Finance initiative that will allow consumers to share data across the financial ecosystem.

He CBUAE Governor saying,

“CBUAE is dedicated to promoting a comprehensive digital transformation program that will develop an innovative and inclusive financial services ecosystem in the UAE. We will continue to work together with the financial industry to advance the UAE to the forefront of financial innovation, by establishing of innovative advancements. Attractive, customer-centric financial services and digital payments across the UAE financial sector.”

News source: Emirates News Agency