UAE's Financial System Advancements Boost Security and Efficiency

UAE, 12 March, 2024 :  The UAE's financial system has seen significant technological and structural advancements, as highlighted in the 4th Quarter Report of 2023 by the Central Bank of the UAE (CBUAE). These improvements have led to enhanced security, operational efficiency, and accessibility of banking services such as mobile and online banking, greatly improving customer experience.

The report indicates that the UAE financial system is now more secure and efficient than ever before, thanks to the widespread implementation of technology across the economy.

At the end of the fourth quarter of 2023, the number of locally incorporated banks remained constant at 22, with their branches decreasing to 489. Electronic banking service units decreased to 46, while the number of Cash Offices remained constant at 21.

The number of GCC banks and other foreign banks also remained steady, with 6 GCC banks and 22 other foreign banks operating in the UAE. Similarly, the number of electronic banking service units and cash offices remained consistent.

The Central Bank licensed a total of 173 financial institutions, including Wholesale Banks, Representative Offices, Finance Companies, and Money Changers. The total number of ATMs operated by banks in the UAE reached 4,654 by the end of December 2023.

Source : www.wam.ae