UAE Banks Federation role in 35th SIBOS highlighted

WAM ABU DHABI, 17th September, 2013 (WAM) — The UAE Banks Federation, which represents the interests of 51 member banks operating in the UAE, is playing a significant role in the first SIBOS conference in the Middle East, which is being held at the Dubai World Trade Centre.

SIBOS is an annual international conference, exhibition and networking event organized by Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Chairman of the UAE Banks Federation, AbdulAziz Al Ghurair, expressed his pleasure about the UAE being chosen for this prestigious annual event in a milestone year for SIBOS, noting that the decision was a natural one given the leading position that its financial sector enjoys in the region.

The UAE Banks Federation’s strategic partnership with SWIFT dates back to the late 1980s, and it has played a pivotal role in supporting SWIFT to start ‘&’ develop its relationships with the banking and financial sector in UAE.

Al Ghurair will address the conference on 19 September and will reflect on the contribution of the banking sector to the UAE’s economic growth, and its openness to foreign banks.

SWIFT enables more than 10,000 financial institutions and corporations in over 200 countries and territories to exchange financial information securely and reliably. Through its various meetings, including this annual event, it helps to shape market practice as well as define standards. Though this is the first annual SIBOS conference to be held in the UAE, the country has hosted “MERC”, the regional conference for SWIFT Middle East, 4 times since 2003 (most recently in 2010).

Sido Bestani, SWIFT’s Head of Middle East ‘&’ North Africa commented: “SWIFT Dubai has worked closely with the UAE Banks Federation for several years, a period in which the UAE banking sector has expanded and developed enormously. The close relationship that has developed means that we can help banks to capitalise on their SWIFT investment, increasing operational efficiency and reducing risk.” WAM/AM

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