UAE Financial System Sets New Standards for Stability and Innovation

The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking & Financial Markets Developments.

‘’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.

At the end of the fourth quarter of 2023, the number of locally incorporated banks (excluding investment banks) remain constant at 22 banks. The branches of these locally incorporated banks decreased to 489 branches at the end of December 2023. The number of electronic banking service units of these banks fell to 46 units at the end of the fourth quarter of 2023. The number of Cash Offices remained constant at 21 Cash Offices at the end of December 2023.

The number of GCC banks continue to remain steady at the end of the fourth quarter of 2023 at 6 banks, plus one wholesale GCC Bank. The branches of these banks also remain constant at 6 branches at the end of December 2023. The number of other foreign banks stood at 22 banks with 66 branches.

The number of electronic banking service units of these banks persist at 21 units at the end of the fourth quarter of 2023. The number of cash offices of these banks stood consistent at one cash office during the fourth quarter of 2023.

At the end of the fourth quarter of 2023, the number of financial institutions licensed by the Central Bank, i.e., Wholesale Banks, Representative Offices, Finance Companies and Money Changers reached 11, 71, 17 and 74, correspondingly, bringing the total to 173.

The total number of ATM of banks operating in the UAE reached 4,654 by the end of December 2023.

News Source: Emirates News Agency