ABU DHABI (WAM)
The UAE Banks Federation (UBF), the sole representative and unified voice of banks in the UAE, affirmed that the selection of UBF’s representative to the Supervisory Board of the Society for Worldwide Interbank Financial Telecommunication (Swift), reflects global confidence in the UAE’s position and the advancement of its payments ecosystem, as well as its role in strengthening governance frameworks at the local, regional and global levels.
Swift announced the formation of a new 15-member Supervisory Board following the evolution of its governance model, which aims to shape the next phase of its strategy in line with the priorities of the global financial sector and to strengthen the resilience and trust underpinning the international payments ecosystem.
UBF has nominated Ahmed Abdelaal, Group Chief Executive Officer of Mashreq and member of UBF’s CEO Advisory Council, to Swift’s Supervisory Board, which brings in senior industry leaders and independent members, from global banking, payments, securities, market infrastructures, technology, risk management and corporate governance with international experience and expertise to drive forward the Swift’s strategy in a rapidly evolving financial services landscape.
The selection of Ahmed Abdelaal underscores the pivotal role of the UAE’s banking and financial sector in shaping the future of payments. The UAE is the only country from which a new representative has been appointed to the Supervisory Board and the only country in the Middle East and Africa represented on the Board.
The Board will be responsible for charting the roadmap to the future of global payments and accelerating the development of transaction services in line with the highest international standards, leveraging the latest technologies.
In line with international best practice for systemically important financial infrastructures, and underpinned by regulatory principles, Swift’s evolved two-tier governance structure includes a Supervisory Board comprising the Chair, four independent Directors and 10 shareholder-affiliated Directors drawn from across Swift’s global community to oversee the management of Swift.
The Supervisory Board will be supported by a Management Board, and a 25-member Swift Council that will diverse perspectives and insights to contibute to continued improvement of international payments.
With the major shifts towards post quantum and frontier AI influencing the future of operations, resilience and cyber, the Board will be working together with Swift’s management as it evolves its strategy to navigate these industry challenges and opportunities, ensuring the global financial community continues to transact securely, seamlessly and at scale.
AbdulAziz Al-Ghurair, Chairman of UBF, said: “We are proud of the UAE’s selection for representation on Swift’s Supervisory Board, a key pillar in ensuring effective governance at this global institution, which enables secure and trusted financial communication and information exchange for more than 12,500 financial institutions across more than 200 markets worldwide. This contributes to strengthening financial and commercial exchanges around the world.”
He added: “As the global economy undergoes rapid developments and changes, the security, efficiency and reliability of payments are increasingly important. This highlights the critical role of the Supervisory Board in establishing the necessary frameworks and plans. The newly constituted Board brings together global expertise in payments, securities, advanced technology, and operations, helping Swift further develop international payments.”
Jamal Saleh, Director General of the UAE Banks Federation and Chairman of the UAE Swift Users Group, noted that the appointment reflects the UAE’s significant contribution to advancing payments and deploying advanced technologies under the direct supervision of the Central Bank of the UAE (CBUAE). These efforts aim to meet customer requirements and ensure compliance with local and international regulations.
The CBUAE continues to advance initiatives in support of the objectives of the National Payment Systems Strategy, launched in 2019 to develop innovative payment solutions and enhance the customer experience. These efforts further strengthen the UAE’s position in technological advancement, innovation, resilience, and security across the banking and financial sector.
In recognition of the UAE’s achievements, Swift selected Dubai to host the SIBOS 2029 Conference and Exhibition. Held annually since 1978 in a major global financial and banking centres selected from among numerous competing destinations, SIBOS serves as a global platform for leaders of financial and banking institutions, major economic organisations and technology providers.
It is one of the most prominent and largest events dedicated to exchanging insights and expertise and strengthening collaboration among financial industry leaders and technology providers worldwide.
The UAE is the only country in the Middle East to have been selected to host SIBOS since the annual event was launched in 1978. It is also the only country to have hosted the event twice, with Dubai previously welcoming SIBOS in 2013.
Further demonstrating its leadership in payments, the UAE established the Swift Steering Committee and National Swift User Group as the first of its kind in the MENA region.
Since its establishment in 2021, it has been playing a pivotal role in improving the performance of payment operations and enhancing the effectiveness and security of the bank transfer system.
It represents an appropriate platform for exchanging views and insights that support decision-making, in addition to benefiting from the knowledge and experience of members of the Swift global network in developing banking work and enhancing the capabilities of employees in the banking and financial sector in the UAE.
The Swift Users Training Centre, established in 2022 and operating under the umbrella of the UAE Banks Federation (UBF), is also the first training centre of its kind for Swift users in the Middle East. It organises training courses to certify users of the Swift network from member banks participating in the UAE Swift Users Group.