The technological and structural advancements in the UAE’s financial system continue to enhance security, operational efficiency, accessibility of mobile banking applications, online banking, and overall customer experience, according to the Central Bank of the UAE‘s (CBUAE) 4th quarter report of 2023. Through showcasing the sector’s advancements, the report reflects the UAE’s commitment to fostering innovation and enhancing the overall customer experience.
Technological advancements
According to the CBUAE report, the widespread implementation of technology has bolstered the security and efficiency of the UAE’s financial system. “Owing to the widespread implementation of technology throughout the economy, the UAE financial system is more secure and efficient than ever before,” the report noted.
The report also indicates stability in the banking sector, with the number of locally incorporated banks remaining constant at 22. Despite a decrease in the number of branches to 489 and electronic banking service units to 46, the UAE’s financial system continues to demonstrate resilience, supported by ongoing technological upgrades. The report also highlights the number of cash offices which remained constant at 21 by the end of December 2023.
GCC banks
The presence of GCC banks in the UAE’s financial system remained steady, with six GCC banks and one wholesale GCC bank operating in the country. The branches of GCC banks also remain constant at 6 branches at the end of December 2023. Additionally, there were 22 other foreign banks with 66 branches.
The number of electronic banking service units of GCC banks in the UAE’s financial system remained constant at 21 units by the end of the fourth quarter of 2023.
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Financial institutions
The report also notes the diverse range of financial institutions licensed by the central bank, including wholesale banks, representative offices, finance companies, and money changers. The total number of licensed institutions reached 173 by the end of the fourth quarter of 2023, reflecting the vibrant financial landscape of the UAE’s financial system.
Moreover, the total number of ATMs operating in the UAE reached 4,654 by the end of December 2023.
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