UBF: Dubai selection to host SIBOS 2029 confirms global confidence in UAE's leading position
Abu Dhabi- Dubai, United Arab Emirates: UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, reaffirmed that the selection of Dubai to host SIBOS 2029, the annual conference, exhibition and networking event organised by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), reflects the global confidence in UAE's premiere position and its vital role in leading initiatives to develop the financial, banking, and payments industry.
The UAE was the first country in the Middle East and Africa to be selected by the global financial and banking sector to host SIBOS in 2013. This high-level event was held in several international financial centres such as Singapore, Geneva, Toronto, London, Amsterdam, and Beijing.
The selection of the UAE to host SIBOS 2029 reflects efforts made by UBF in cooperation with its partners: Dubai International Financial Centre (DIFC), Dubai World Trade Centre (DWTC), and Dubai Department of Economy and Tourism (DET), and the support of the Central Bank of the United Arab Emirates (CBUAE).
SIBOS 2029, to be held in Dubai, will provide UAE banks with the opportunity to highlight to all SWIFT participants UAE's financial and banking industry's development. SIBOS attracts more than 10,000 leaders of financial institutions, banks, fintech companies, suppliers, and service providers from around the globe.
UBF renewed the commitment of UAE's banking and financial sector to work with its strategic partners, and in full cooperation with CBUAE, to ensure the full success of this international event.
H.E. Abdulaziz Al-Ghurair, Chairman of UBF, said: '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".
H.E. Al-Ghurair added: 'At UBF, we reaffirm our commitment to work closely with Dubai International Financial Centre (DIFC), Dubai World Trade Centre (DWTC), Dubai Department of Economy and Tourism (DET), and all other strategic partners to provide all the necessary conditions to organise this event in a way that reflects UAE's status as a leading destination for major events and UAE's role in leading constructive dialogues to develop payments system in line with accelerated transformations of advanced solutions and the global economy".
SWIFT has been organising SIBOS since 1978 annually in one of the international financial and banking centres that are selected from among major centres contending to host the conference and exhibition, which provides a global platform for leaders of financial and banking institutions, major economic institutions, and technology providers. SIBOS conference and exhibition is one of the most important and largest events that connects thousands of executives, decision makers, technology providers, and thought leaders from across the industry to share experiences and views. SWIFT enables more than 11,000 financial institutions and corporations in more than 200 countries and territories to connect and exchange financial information securely and reliably, enhancing trade and financial transactions.
Reaffirming its leading position in payments, the UAE has established the Steering Committee and National SWIFT User Group (NMG) as the first of its kind in the Middle East and North Africa (MENA) region. Since its establishment in 2021, NMG 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.
Moreover, SWIFT User Training Centre, which stands under UBF's umbrella, is also the first of its kind in the MENA region for SWIFT users, and organises training courses and certification of SWIFT users from among UBF members and SWIFT users.
Mr. Jamal Saleh, Director General of UBF and Chairman of SWIFT User Group Steering Committee in the UAE, said: 'We are proud of this selection to host SIBOS 2029, the most important international event in the field of payments, which is a fundamental pillar of socio-economic development. This selection reflects the appreciation of the global financial and banking industry for the significant achievements made by the UAE in payments and it use of advanced technologies under the direct supervision of Central Bank of the UAE, which sets the necessary frameworks for the development of payments and accelerate digital transformation in an environment that meets customers' requirements while ensuring compliance with local and international legislation and regulations'.
'Central Bank of the UAE's initiatives in payments meet the requirements of various stakeholders and help achieve the objectives of the National Payment Systems Strategy, launched in 2019 to develop innovative payment solutions and enhance customer experience. It is enhancing the UAE's position in technological development, innovation, and security in the banking and financial sector,' he added.
Mr. Jamal Saleh reiterated that UBF and SWIFT User Group Committee are firmly committed to cooperate with local, regional, and international partners to organise SIBOS 2029 at a highest level, reflecting UAE's position as a leading financial, banking, and commercial centre. He pointed out the importance of UAE's efforts in improving local and global payments and enhancing the effectiveness and security of bank transfer system to provide best solutions which increases trade exchange in a reliable and smooth environment.
Commenting on this selection, Ms. Marianne Demarchi, Chief Executive, Swift EMEA, said: 'Sibos brings the industry together on an unmatched scale, and we're delighted to be bringing the conference back to Dubai in 2029. The Emirate is a truly global financial hub in a geographically strategic location, and will be a fitting setting for the vibrant dialogue and debates that SIBOS is famous for facilitating each year.'
It is worth mentioning that the UAE is the only country in the Middle East and Africa that has been ever chosen to host SIBOS conference and exhibition since its establishment in 1978.
-Ends-
About UAE Banks Federation (UBF):
Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 62 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy.
UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country.
UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks.
For further information, please contact:
Sooyin Lee
UAE Banks Federation
sooyin@uaebf.ae
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