Compliance Is Key To Achieving Sustainable Development Goals, Says UAE Banks Federation At Summit

The UAE Banks Federation (UBF) emphasised the importance of adhering to payment regulations to achieve Sustainable Development Goals (SDGs) both locally and globally. This was highlighted during their participation in the Future of Payments Summit held in Dubai on April 15, 2025. UBF underscored that compliance with legislative frameworks is crucial for fostering innovation in national and international payments.

Jamal Saleh, Director-General of UBF, stated, "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."

Saleh highlighted that innovation in payment systems is pivotal for shaping the future economy. Payments influence business foundations and communication across sectors globally. He noted that payments stimulate innovation by facilitating financial management and boosting productivity for individuals and institutions worldwide.

The summit featured over 300 government officials and business leaders along with 40 speakers from finance, banking, and fintech sectors. More than 40 panel discussions were held to explore ways to enhance efficient payment systems. The event also addressed future trends to meet customer expectations through innovative solutions.

Saleh pointed out that rapid developments in payments present challenges like cybercrime and money laundering. He stressed the need for proactive regulatory frameworks to balance innovation with customer protection. These frameworks are essential for promoting economic growth, creating jobs, and enabling community prosperity.

He added that regulators worldwide play a crucial role in safeguarding financial systems by ensuring compliance with legislative frameworks. UAE banks invest in technologies like APIs and blockchain to enhance compliance while enabling secure data sharing.

UAE's Leadership in Financial Innovation

The Central Bank of the UAE (CBUAE) leads initiatives to foster an agile regulatory environment promoting innovation while ensuring stability. This has positioned the UAE as a global investment hub. Supportive legislation like the National Strategy for Payment Systems launched in 2019 enables financial institutions to innovate confidently.

Saleh mentioned CBUAE's strategies such as 'Digital Dirham' which have been instrumental in positioning the UAE at the forefront of digital currency issuance. These initiatives accelerate digital transformation by providing effective channels for national and international payments.

He explained that entities like Securities and Commodities Authority (SCA), Abu Dhabi Global Market (ADGM), and Dubai International Financial Centre (DIFC) offer frameworks balancing innovation with compliance. This enables innovators to develop products with smart risk management.

The summit's theme focused on redefining cross-border payment landscapes. It highlighted efforts by banks, financial institutions, and technology providers supporting international trade growth through secure payment systems.

With inputs from WAM