The UAE Banks Federation (UBF) – the official representative body of the UAE banking industry – has launched committees to promote the growth and transformation of the Emirate’s banking sector.

The Federation today announced two new technical committees for Fintech and Consumer Protection and three advisory committees for Compliance, Risk, and Information Security have been introduced to enhance the sector’s ecosystem, and support both banks and the local community, according to a press release.

Abdulaziz Al Ghurair, UBF Chairman, said, “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.”

The two new additions take the number of UBF’s technical committees to 22, the release said and added that the Consumer Protection Committee will oversee all consumer protection issues in the banking sector, while the Fintech Committee, in line with UAE’s vision 2021 to transition to a knowledge-based economy, will foster an environment conducive to product and partnership innovation in the banking industry, and improve capabilities in technology to achieve sustainable growth.

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, according to the release.

As part of its collaboration efforts, UBF has also added National Bank of Bahrain as a member, increasing the total number of UBF member banks to 53.