The banking initiatives launched during the year 2017 and priorities for 2018 were thrashed out today by the Board of Directors of the UAE Banks Federation - a professional representative body of 48 member banks operating in the UAE.

" Against a backdrop of increasing cyberattacks coupled with high expectations on the part of our customers, the necessity arises now more than ever before to strengthen concerted action and empower our banks and enable them to more effectively contribute to the national developmental drive," said Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation.

"During our meeting today we conducted an in-depth review of the diverse initiatives launched across the year that have been designed to introduce positive and innovative changes to the country's financial sector besides researching the best possible strategies for the next year," he added, after the meeting.

Among the issues thoroughly considered during the meeting, was the launch of an anti-cyber attack date exchange platform last September to protect the banking system's infrastructure against malware and viral attacks.

The participants mooted the progress achieved with regards to the Emiratisation strategy adopted by the banks and SMEs funding mechanisms.

The federation's new brand identity launched recently as part of the efforts being made to bolster the banking sector's contribution to the developmental drive featured high as well on the meeting agenda.

The latest developments witnessed by the global banking sector, including Artificial Intelligence and mega FinTech data were likewise among the topics discussed during the meeting.