Dubai: The board of directors of the UAE Banks Federation (UBF), a professional body representing 50 lenders operating in the UAE, said on Sunday that the mobile wallet project titled UAE mWallet is ready for roll out subject to the final approval of the Central Bank of UAE.

The project, a comprehensive digital payment solution, was first unveiled in February last year. The UBF’s highest body, which met recently, discussed the final details of the project, the creation of new specialised committees and the appointment of two new members to the board.

The mWallet, an important catalyst for the future of the digital economy, reached an important milestone recently. The UBF board has confirmed that the initiation phase was completed successfully and the initiative, funded by 18 of the UAE’s largest banks, was approved for implementation at the CEOs advisory council during its meeting in May.

The project represents the financial component of the UAE’s Smart Government initiative. It incorporates the facility for smart phones and other digital devices to be used for cashless purchases across UAE retail and other outlets, as well as a means to store and transfer money.

One of the key objectives of the project is to make banking more inclusive and provide financial services to the unbanked segment of population.

Code of conduct

The UBF board recently reviewed 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. To achieve this objective the UBF recently appointed an independent monitoring agency responsible for the implementation of the code across its member banks.

The UBF 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 formally approved the appointment of two new members — Yousuf Obaid Al Nuaimi from RAKBANK, and Omran Abdullah Taryam, from Invest Bank. The meeting also appreciated the contributions of Khalfan Mohammad Al Roumi of Invest Bank, and Abdul Aziz Abdullah Al Za’abi of RAKBANK, who stepped down from the board.