Dubai's Selection To Host SIBOS 2029 Highlights UAE's Global Financial Leadership And Innovation

The UAE Banks Federation (UBF) has announced that Dubai will host SIBOS 2029, a major event organised by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). This decision highlights the global confidence in the UAE's leadership in financial and banking sectors. The UAE was previously chosen to host SIBOS in 2013, marking it as the first Middle Eastern and African nation to do so.

Abdulaziz Al-Ghurair, Chairman of UBF, stated, "The selection of Dubai to host SIBOS 2029 is a testament to UAE’s prominent position as a regional and global financial and banking centre. This selection also reflects international financial and banking industry’s appreciation for UAE’s efforts and innovative initiatives in developing and simplifying payments, adopting digital transformation to meet the needs of the banking and financial sector, and developing secure and efficient systems in line with the proactive policies of CBUAE, which places the security and efficiency of bank transfers as a top priority."

The choice of Dubai for SIBOS 2029 underscores efforts by UBF alongside partners like Dubai International Financial Centre (DIFC), Dubai World Trade Centre (DWTC), and Dubai Department of Economy and Tourism (DET). The Central Bank of the United Arab Emirates (CBUAE) also supports this initiative. Hosting SIBOS will allow UAE banks to showcase their advancements to SWIFT participants worldwide.

SIBOS is a significant event attracting over 10,000 leaders from financial institutions, banks, fintech companies, suppliers, and service providers globally. It serves as a platform for sharing experiences among executives, decision-makers, technology providers, and thought leaders. SWIFT has been organising this annual conference since 1978 across various international financial centres.

Jamal Saleh, Director-General of UBF and Chairman of SWIFT User Group Steering Committee in the UAE, expressed pride in hosting SIBOS 2029. He noted that this reflects global recognition of the UAE's achievements in payments using advanced technologies under CBUAE's guidance. These efforts align with local and international regulations while meeting customer requirements.

Saleh emphasised that UBF and SWIFT User Group Committee are dedicated to collaborating with partners at all levels to ensure SIBOS 2029 is organised at an exceptional standard. He highlighted the importance of improving payment systems locally and globally for smoother trade exchanges.

Innovative Payment Solutions

The establishment of the Steering Committee and National SWIFT User Group (NMG) in 2021 marked a milestone for the MENA region. NMG plays a crucial role in enhancing payment operations' performance while ensuring security within bank transfer systems. It provides an ideal platform for exchanging insights supporting decision-making processes.

Additionally, under UBF's umbrella lies the SWIFT User Training Centre—the first in MENA—offering training courses for SWIFT users among UBF members. This centre helps certify users while enhancing their capabilities within banking sectors across regions.

Enhancing Technological Development

The Central Bank of the UAE launched its National Payment Systems Strategy in 2019 aiming at innovative solutions enhancing customer experience through technological development initiatives focused on security within banking sectors nationwide.

Marianne Demarchi from Swift EMEA commented on this selection: "SIBOS brings the industry together on an unmatched scale," she said adding how delighted they are about returning back again after previous successful events held there before due its strategic location making it ideal setting vibrant dialogues debates facilitated annually during conferences such as these ones hosted by them regularly throughout years gone past already now too!

With inputs from WAM