The Board of Directors of the UAE Banks Federation, a professional body representing 50 member banks operating in the UAE, has met for the second time this year to review progress on a number of key areas of the federation's work programme, particularly the final details of the Mobile Wallet project, the creation of new specialised committees and the appointment of two new members to the Board.
The UBF mWallet, a critical initiative which is expected to be an important catalyst for the future of the digital economy, reached an important milestone recently. The initiation phase was completed successfully and the initiative, funded by 18 of UAE largest banks, was approved for implementation at the CEOs Advisory Council during its meeting in May. Today, the Board of Directors adopted the project, which is ready for launch, upon receiving final ratification from the Central Bank. The project represents the financial component of the UAE's Smart Government initiative, and has been managed under the supervision of the UAE Banks Federation.
The Board was also informed of the efforts made by the federation to monitor adherence to its Code of Conduct to ensure that the highest professional standards are maintained in the UAE's banking sector. In this connection, the federation recently appointed an independent monitoring agency especially responsible for the implementation of the code across its member banks.
Furthermore, the Board approved the creation of four new specialised committees in addition to the one already created earlier in the year to oversee marketing standards and activities by banks. The new committees will focus on matters relating to audit, operations and payments, IT, and fraud.
During the meeting, the Board also formally approved the appointment of two new members, Yousef Obaid Al Nuaimi from Rakbank, and Omran Abdullah Taryam, from Invest Bank. The meeting was followed by a ceremony in honour of Khalfan Mohamed Al Roumi of Invest Bank, and Abdul Aziz Abdullah Al Zaabi of Rakbank who are stepping down from the Board, and to express the Board's appreciation for their significant contribution and support.