CBUAE Meets Bank CEOs to Boost UAE Banking and Digital Payments

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), convened a high-level meeting with chief executive officers of UAE banks. The session included AbdulAziz Al-Ghurair, Chairman of the UAE Banks Federation, alongside assistant governors and senior officials from CBUAE.

Focus on Regulatory and Strategic Initiatives

The meeting addressed key regulatory updates, legislative developments, and strategic initiatives shaping the future of the banking sector. Participants praised ongoing efforts to advance the financial sector, support the UAE’s strategic goals, and enhance the country’s global competitiveness.

Progress on Domestic Card Scheme “Jaywan”

A major topic of discussion was the implementation of the domestic card scheme “Jaywan.” The scheme is designed to streamline local payments, improve transaction efficiency, and encourage innovation within the UAE’s financial sector. Licensed banks will issue Jaywan cards in debit, prepaid, and credit formats, either as standalone cards or co-badged with international schemes.

Strengthening Digital Payments and Innovation

CBUAE and bank CEOs reviewed initiatives aimed at reinforcing the UAE as a hub for digital payments and financial innovation. Discussions included system performance indicators, resilience, and readiness of key projects to support the financial infrastructure. The meeting highlighted the role of digital transformation in elevating service quality and operational efficiency.

Financial Infrastructure Transformation Programme

The discussion also emphasized the Financial Infrastructure Transformation (FIT) Programme. This initiative empowers the UAE to lead as a regional financial center, strengthen digital payments, and promote innovation. It aligns with the country’s broader goal of developing a robust and technologically advanced financial ecosystem.

Supporting Islamic Finance and Global Markets

As part of the UAE’s Islamic Finance and Halal Industry Strategy, the meeting explored ways the banking sector can boost Islamic finance and global leadership. Key initiatives included enhancing sukuk markets, developing Islamic capital markets, and promoting financial products that align with Shariah principles.

Commitment to Collaboration and Service Quality

Participants reaffirmed their commitment to collaborative action to continuously improve financial services for both retail and corporate clients. Sharing insights on recent developments, the meeting reinforced the importance of aligning strategic objectives across banks and financial institutions.

Governor Khaled Balama noted that under the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, the Central Bank is dedicated to working closely with licensed financial institutions. The goal is to advance the digital transformation programme, elevate banking services, and reinforce the UAE’s global financial leadership.

Balama emphasized that these meetings ensure alignment of strategic visions and objectives, enabling the UAE to remain a leader in financial innovation. He praised banks’ efforts in enhancing performance and global standing while supporting national economic aspirations.