UAE Banks Federation Nominee Ahmed Abdelaal Joins Swift Supervisory Board

(MENAFN- Khaleej Times) The UAE Banks Federation (UBF) has said the appointment of its nominee, Ahmed Abdelaal, to the Supervisory Board of the Society for Worldwide Interbank Financial Telecommunication (Swift) reflects global confidence in the UAE's position and the development of its payments ecosystem.

Abdelaal, group CEO of Mashreq and a member of UBF's CEO Advisory Council, was nominated by the federation, which represents banks in the UAE.

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The UAE is the only country to have a new representative appointed to the Supervisory Board. It is also the only country in the Middle East and Africa represented on the board.

Swift announced the board's formation following changes to its governance model. The board aims to shape the organisation's next phase of strategy in line with global financial sector priorities and strengthen the resilience and trust underpinning international payments.

Under the two-tier structure, the Supervisory Board comprises a chair, four independent directors and 10 shareholder-affiliated directors drawn from Swift's global community. It will oversee Swift's management, supported by a Management Board and a 25-member Swift Council.

The board will help chart the future of global payments and accelerate the development of transaction services using the latest technologies and international standards. With post-quantum computing and frontier artificial intelligence reshaping operations, resilience and cybersecurity, it will work with Swift's management to ensure the global financial community can transact securely and seamlessly at scale.

AbdulAziz Al-Ghurair, chairman of UBF, said Swift enables secure financial communication and information exchange for more than 12,500 financial institutions across over 200 markets worldwide, strengthening financial and commercial exchanges.

Jamal Saleh, director general of UBF and chairman of the UAE Swift Users Group, said the appointment reflects the UAE's contribution to advancing payments and deploying advanced technologies under the supervision of the Central Bank of the UAE (CBUAE).

He said these efforts aim to meet customer requirements and ensure compliance with local and international regulations. The CBUAE continues to advance initiatives under the National Payment Systems Strategy, launched in 2019 to develop innovative payment solutions and improve the customer experience.

Swift has also selected Dubai to host the Sibos 2029 Conference and Exhibition. Held annually since 1978 in major financial and banking centres, Sibos brings together financial institutions, economic organisations and technology providers to exchange insights and strengthen industry collaboration.

The UAE is the only country in the Middle East to have hosted Sibos, with Dubai previously welcoming the event in 2013.

UBF also highlighted the country's payments infrastructure, including the Swift Steering Committee and National Swift User Group, the first of their kind in the Mena region. Established in 2021, the group works to improve payment operations and the effectiveness and security of bank transfers.

The Swift Users Training Centre, established by UBF in 2022, is the first of its kind in the Middle East and provides certification courses for Swift users from participating member banks.

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