DUBAI, 15th April, 2025 (WAM) -- The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, reiterated that compliance with the legislation, regulations, and laws regulating payments is a guarantee for achieving Sustainable Development Goals (SDGs), locally and internationally.

During its participation in the third edition of the Future of Payments Summit held in Dubai on Tuesday, April 15, 2025, UBF stressed the importance of adhering to the legislative and regulatory frameworks that contribute to the development and employment of innovations in national and international payments.

It emphasised that UBF and its member banks work under the direct supervision of the Central Bank of the UAE (CBUAE), which is characterised by a proactive approach in dealing with accelerated developments to ensure that the banking and financial sector play its role in achieving objectives of sustainable economic and social development of the UAE.

The third edition of the Future of Payments Summit, organised under the theme (Redefining the Future of Cross-border Payments Landscape), was attended by more than 300 government officials and business leaders, 40 speakers from the financial, banking and fintech sector.

The summit featured more than 40 panel discussions, thought leadership sessions, and keynote speeches presented by industry leaders and policymakers, highlighting ways to develop payments, future trends to enhance efficient and secure payment systems, how to meet the expectations and growing requirements of various customer segments, the role of innovation's initiatives and efforts exerted by banks, financial institutions, and payment and technology solutions providers in supporting international trade and economic growth.

In his keynote speech at the future of payments summit, Jamal Saleh, Director-General of UBF,said, "Payments represent a key pillar of trade and economic growth at the local, regional, and global levels. With the vast transformations the world of payments is witnessing, individuals, banking and financial institutions, and technology companies must act with a clear vision, and be guided by the principles and standards of Justice, security, transparency, and governance, ensuring compliance with them for a safe and seamless experience for customers".

He stressed that payments play a vital role in stimulating innovation and developing innovative solutions to support individuals, institutions, and global economies by facilitating the management of their financial affairs and increasing productivity. "Innovation in payments is leading efforts shaping the future of the global economy, as payments influence the foundations of doing business and communication between different business sectors locally and globally," he said.

The Director-General of UBF added, "The rapid developments in payments pose challenges to banks and financial institutions such as the increase in cybercrime and sophisticated methods of money laundering, geopolitical challenges, and the importance of integrating environmental, social, and governance (ESG) aspects into their operations. We need to reassure all stakeholders that we work within proactive and flexible regulatory frameworks that provide the necessary balance between stimulating innovation and protecting customers and the financial and banking system to promote economic growth and stability, creating jobs and enabling communities to grow and prosper.

"Regulators around the world play a vital role in protecting the financial and banking system and ensuring compliance with legislative and regulatory frameworks. Compliance is a strategic imperative to enhance trust in financial and banking institutions, and UAE banks are investing in APIs, blockchain technologies, artificial intelligence and data analysis to enhance compliance and enable secure and instant data sharing".

Jamal Saleh said, "The Central Bank of the UAE is leading initiatives to develop an agile regulatory framework to promote innovation and ensure financial and banking stability, which has established the UAE as a global hub for investments, trade, and business. Supportive legislation and regulatory frameworks- such as the National Strategy for Payment Systems launched in 2019- have enabled an ecosystem where financial institutions, businesses, and investors can innovate and operate with confidence and manage risk efficiently. These frameworks contribute to enhancement of customer experience through innovative platforms and are supporting efforts to develop international trade".

"CBUAE's strategies and initiatives such as the digital currency 'Digital Dirham', payment infrastructure, and financial inclusion, have played fundamental roles in positioning the UAE at the forefront of the world in issuing an official digital currency, and confirms its readiness to integrate payment infrastructures in order to accelerate digital transformation and provide effective channels for national and international payments, ensuring a resilient and reliable financial system," he said.

He explained that regulators in the UAE, such as the Securities and Commodities Authority (SCA), Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), provide the necessary frameworks to achieve a balance between innovation, growth, and compliance with legislation and regulations, enabling innovators to develop their ideas into innovative products, services, and solutions with smart and effective risk management.