CBUAE Governor and UAE Banking CEOs Advance Consumer Protection and Digitalization Agenda

UAE, 30 March, 2024 :  His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), recently convened with CEOs from the UAE banking sector to address key topics such as consumer protection and digitalization initiatives.

The forum emphasized the importance of Sanadak, the independent financial services ombudsman unit, in safeguarding consumer rights and resolving complaints in compliance with regulations. The CBUAE urged seamless implementation of Sanadak across the banking sector.

Furthermore, stringent measures against financial crimes were underscored, following the UAE's successful completion of the FATF action plan. This reflects the ongoing commitment of UAE authorities and financial institutions to bolster the integrity of the financial system.

Progress on digital transformation initiatives like Aani, the instant payment platform, and Jaywan, the national domestic card scheme, was discussed. Additionally, updates on the central bank digital currency program 'Digital Dirham' and the Open Finance initiative were addressed, aimed at facilitating data sharing across the financial ecosystem.

H.E. Khaled Mohamed Balama reiterated CBUAE's dedication to advancing a comprehensive digital transformation agenda, fostering innovation and inclusivity within the UAE's financial services landscape. Collaboration with the financial industry will continue to drive the UAE towards the forefront of financial innovation, promoting customer-centric solutions and digital payments nationwide.

Source : www.centralbank.ae