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A delegation of the Central Bank of the UAE, headed by the Governor, Mubarak Rashed Al Mansoori, attended on Thursday the 40th Regular Meeting of The Board of Governors of Arab Central Banks and Monetary Institutions, which was organized by the Arab Monetary Fund in Rabat, Morocco.
The Meeting Agenda included discussion of regional and international economic and financial developments, the recommendations and actions of Arab Committees for Banking Supervision and Settlement and Payment Systems, and the recommendations and actions of the Regional Work Team for Enhancing Financial Inclusion and the Arab Countries Financial Stability Team.
Further, the meeting followed up on the project to establish a regional Arab system for clearing and settlement of payments in line with the recommendations of The Board of Governors of Arab Central Banks and Monetary Institutions during the meeting in Cairo last September 2015.
The plan is to move forward to lay the foundations of the infrastructure for the Arab Payment Systems, including the design, functions, and procedures for risk management and payments' settlements. The decision to press ahead with the implementation will be dependent on these details as well as identifying the pillars of the institutional framework, governance requirements and necessary financing. The Arab Monetary Fund has been entrusted with the responsibility of preparing the ground work for the regional system of settling Arab payments.
The Meeting reviewed a paper on how to strengthen legislations and supervision over Islamic Financial Institutions in the Arab Countries, and a report on the results of a survey designed to study the implications of International Correspondent Banks’ Procedures on the banking sector in the Arab Countries.
The Central Bank presented two interventions at the meeting. The first intervention has focused on cyber security to ensure safety of banking and electronic transactions as banks have become increasingly progressive in offering innovative services that aim at reducing cost and saving time. In this context, the CBUAE aims to solidify cooperation with various government and media agencies as well as banks operating in the UAE to increase awareness of the users of electronic banking services regarding the safest methods and modes for cyber security.
The second intervention has focused on the implications of innovative technology on the banking sector and challenges facing supervisory and regulatory authorities. The UAE has established itself as a leader in adopting a comprehensive strategy that aims at positioning the country as a pioneer at a global level in the area of innovation and knowledge economy. Underlying these efforts is a transition plan to transform the electronic government into a smart government by ensuring that all services are being offered to the public through innovative methods that include smart mobile phones. At the forefront of this strategy is the initiative to avail government services through the smart mobile application "mGov", which was launched in 2013.
To that end, the Central Bank has pressed ahead with initiatives to enhance capacity building in all areas and has intensified consultations with various stakeholders concerned with "Digital payments" to lay the foundations for the appropriate framework in consistency with the best international practices. In this connection, work is underway to finalize the organizing framework for "crowdfunding" through which the Central Bank aims to mobilize credit in support of small and medium enterprises in line with the objectives for the UAE to support this sector with a goal to diversify the economy and increase employment and growth opportunities in private non-energy activities.
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