UAE Central Bank's digital payment project reviewed

26/11/2015 06:10 AST

The Central Bank of the UAE's board of directors reviewed a presentation on the Digital Payments Project. The meeting also reviewed a legal opinion on the project's regulatory framework.

The board reviewed several reports including on the regulatory matters, accounts and audit and improving its systems. The board also approved the budget for the year 2016.

The meeting which was held on November 22, under the chairmanship of Khalifa Mohammed Al Kindi, chairman of the Board, reviewed a report on latest developments in the Revised Central Bank Law Project and instructed expeditious finalisation of the draft.

The meeting was attended by Khalid Juma Al Majid, deputy chairman, Mubarak Rashed Al Mansoori, the governor, and board members, Younis Haji Al Khoori, Khalid Mohammad Salem Al Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim. Others who were present on the occasion included Mohamad Ali Bin Zayed Al Falasi, deputy governor, Saeed Abdullah Al Hamiz, assistant governor for banking supervision, Saif Hadef Al Shamsi, assistant governor for monetary policy and financial stability and senior officials.

The board also reviewed a presentation on the Central Bank's Strategic Direction 2017-2021, and following deliberations; the approved the strategic direction.

A presentation on a proposed Business Transformation Programme for the Central Bank also came under discussion and the board instructed that certain steps be taken before final approval. The board discussed a report regarding assignment of a consultancy firm to review human resources regulations and procedures at the Central Bank.

A report from the Monetary and Reserve Management Department, which includes systemic prudential ratios, and liquidity indicators at the banking sector was reviewed. The board also reviewed reports presented by the Banking Supervision Department, which shows levels of compliance of banks and other financial institutions with Central Bank's regulations. The board instructed necessary action be taken by banks regarding its compliance with such regulations.

The board discussed developments in the "Development of IT Strategy Project" and instructed expeditious completion of the project.The meeting reviewed the following reports: - Internal Audit Department's Quarterly Report (September 2015); External auditor's report on the Central Bank's financial statements as at 30 September 2015.

The board also discussed a memorandum submitted by the Financial Control Division, regarding the financial and accounting system "FCD Manual", and decided to approve the offer presented by a consultancy firm to update the said system. The board reviewed applications submitted by banks & other financial institutions operating in the UAE for the expansion of their activities and opening new branches.

Khaleej Times