SWIFT User Group’s Annual General Assembly approves 2023 strategy, supports digital transformation efforts

Abu Dhabi: The SWIFT User Group in the UAE held its General Assembly Meeting for the year 2023, recently chaired by Mr. Jamal Saleh, Chairman of the SWIFT Users Group Steering Committee in the UAE and Director General of UAE Banks Federation, the representative and unified voice of banks in the UAE.

During the meeting, members approved the minutes of the 2022 Annual General Assembly Meeting held on 10 June 2022 and approved the audited financial statements for 2022, the budget for the current year (2023), the plans for the Group’s activities and its business plan the year 2023 in order to improve payment processes and benefit from the digital transformation in payments.

The AGM reaffirmed the importance of the initiatives taken by the SWIFT User Group Steering Committee in the UAE to keep pace with the latest trends in the banking sector, improve payment processes, and enhance the efficiency and security of bank transfers. The meeting also urged the banks to benefit from progressive steps taken by the Central Bank of the UAE in meeting the needs of stakeholders, especially in terms of technological development, innovation, flexibility and security to promote innovative and secure payment solutions.

The participants in the General Assembly commended the efforts of the Steering Committee and its achievements in improving the performance of the payments system, enhancing the efficiency and security of the bank remittances through leveraging the expertise of the members of the global SWIFT network in developing the capabilities of the banking and financial sector workforce by conducting workshops and training sessions.  Furthermore, the meeting commended the steering committee for expanding the base of participants in the decision-making process of the SWIFT Group by including experts from the member banks of UAE Banks Federation.

The Steering Committee of the SWIFT UAE User Group consists of a group of senior bank executives with years of experience and extensive knowledge in the banking sector, which contributes to supporting banks in implementing the best policies and adopting the latest systems and technologies for bank payments and transfers.

Mr. Jamal Saleh, Director General of UAE Banks Federation and Chairman of the SWIFT Users Group Steering Committee said, “We continue our efforts to develop payments under the direct supervision and guidance of the Central Bank of the UAE and in line with the National Payment Systems Strategy (NPSS), launched in 2019, which contributes to strengthening the UAE’s position in the regional and international payments system while ensuring compliance with international standards in this area.”

He stressed the importance of the SWIFT User Group’s role in improving the performance of the payments system, enhancing the effectiveness and security of the remittance system, and benefiting from the extensive experience and knowledge of the Group’s members and the members of the global SWIFT network in developing the banking industry so that the sector can play its role in economic and social development and support international trade.

The Director General of UAE Banks Federation and Chairman of the SWIFT Users Committee in the UAE added: “The banking and financial sector in the UAE has achieved great success in deploying advanced technologies in various areas of banking, especially payments, to keep pace with the accelerating digital transformation and increasing reliance on e-commerce. We are working with our local, regional and international partners to develop capabilities and skills to develop various payment systems, upskill talents, and continuously evolve to ensure and enhance payment security.”

The SWIFT User Training Center, which is the first of its kind in the MENA region for SWIFT users formed under the umbrella of UAE Banks Federation, organises training courses and certifies SWIFT users among the Group’s more than 180 members from banks operating in the UAE.

The SWIFT User Training Centre, the first of its kind in the MENA region for SWIFT users under the umbrella of UAE Banks Federation, organises training and certifies SWIFT users from over 180 members of the SWIFT Group coming from banks operating in the UAE.