UAE banks mull blockchain adoption

dubai - They also discuss Emiratisation and digital transformation

The CEOs Advisory Council of the UAE Banks Federation (UBF) held its fourth meeting this year on Monday to discuss and review the progress of UBF's future and ongoing initiatives. The proposed adoption of blockchain to enhance know your customer (KYC) processes at banks topped the agenda of the meeting. Other key topics on the agenda included Emiratisation and digital transformation.

AbdulAziz Al Ghurair, chairman of UAE Banks Federation, said: "As part of our efforts aimed at creating and sustaining a thriving banking ecosystem, we have undertaken a number of initiatives and new endeavours, such as the adoption of blockchain into KYC process. With advancements in technologies continuing to shape customer needs and expectations, it has become all-important for the banking industry to be at the forefront of innovation. The emerging technologies also present new opportunities for banks to create new revenue streams, which will in turn drive sustained business growth."

Aref Al Ramli, chairperson of UBF's digital banking committee, senior VP, head of digital banking and innovation at Mashreq Bank, presented a study about blockchain, which explores the opportunities for creating an industry standard to digitise processes within member banks and the potential functions that can be leveraged by the technology, including client onboarding, cross-border transfers, payments and compliance reporting, among several others.

Another presentation delivered by Husam Al Sayed, chairperson of UBF human resource committee, general manager of group human resources at Emirates NBD, and Ahmed Al Zaabi, head of Emiratisation at First Abu Dhabi Bank, highlighted plans and initiatives banks will adopt to enhance Emiratisation in critical and leadership roles at UAE banks.

The council addressed the progress on SME finance and reviewed developments on UBF key projects and initiatives such as Emirates Digital Wallet and Tasharuk platform, and discussed new ways to accelerate the digital transformation of banks in the UAE in the face of increased disruption from emerging technologies.

- business@khaleejtimes.com