Abu Dhabi: UAE Banks Federation (UBF) on Sunday announced that it has launched two new technical committees (Fintech and Consumer Protection) and three advisory committees (Compliance, Risk, and Information Security) to promote the growth and transformation of the UAE banking sector.

As the official representative body of the UAE banking industry, UBF introduced the new committees to enhance the sector’s ecosystem, and support both banks and the local community.

The launch of the Fintech Committee and Consumer Protection Committee increases the number of UBF’s technical committees to 22. Aligned with the UAE’s Vision 2021 to transition to a knowledge-based economy, the Fintech Committee has been introduced to foster an environment conducive to product and partnership innovation in the banking industry, and improve capabilities in technology to achieve sustainable growth.

The Consumer Protection Committee has been introduced to look after all Consumer Protection issues in the UAE banking sector, and will be a proactive forum for UBF, its member banks, and Central Bank of UAE to propose and drive improvements to policies and procedures.

The Compliance Advisory Committee, Risk Advisory Committee, and Information Security Advisory Committee are the UBF’s first advisory committees launched. Comprising banking representatives, they have been introduced to advise their respective main technical committees, and bring unique knowledge and skills which augment the main committees through informed guidance and support.

“For four decades, the UBF has provided UAE banks with a unified voice, bringing them together and providing a platform that facilitates the exchange of ideas to promote growth and transformation. With the introduction of five new committees, we hope to further raise the standards of the industry, and support the UAE’s progressive vision to empower society at all levels. The pillars we have chosen to build on are fundamental to the economy, and by better preparing banks for the future, we are securing a better future for the UAE and wider region,” said Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation

Further building on the strength of its relationships with every key player in the banking sector to ensure seamless communication, collaboration and coordination throughout, the UBF has welcomed the National Bank of Bahrain as a member, increasing the total number of UBF member banks to 53.