Khaled Mohamed Balama Discusses Exchange Business Developments in UAE
Abu Dhabi [UAE], September 27: Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), hosted a high-level roundtable with the Chairman and representatives of the Foreign Exchange and Remittance Group. The meeting focused on updates and developments in the exchange business in the UAE, with the presence of CBUAE Assistant Governors.
Key Developments in Exchange Business
The participants highlighted the critical contribution of exchange houses to the national financial services landscape, with more than 1000 exchange house branches operating across the UAE. The CBUAE discussed its main priorities in prudential supervision, market conduct, AML/CFT, and regulatory developments pertaining to exchange businesses.
Emiratisation and Digitalisation
The progress of exchange business in Emiratisation efforts and the digitalisation of financial services in the UAE was also recognised. Khaled Mohamed Balama stated, “We at the Central Bank are keen to enhance the regulatory framework and develop the services provided by exchange houses to support the progress of the financial sector in the UAE.”
He added, “Our meeting emphasises the importance of regular open dialogue with various licensed financial institutions, to address initiatives aimed at developing the financial sector and infrastructure, and to follow up on the Emiratisation efforts to increase the participation of national cadres in the financial sector, including exchange houses.”
Doubts Revealed
Khaled Mohamed Balama -: Khaled Mohamed Balama is the Governor of the Central Bank of the UAE, which means he is the head of the main bank that controls money and financial rules in the United Arab Emirates.
Central Bank of the UAE -: The Central Bank of the UAE is the main bank in the United Arab Emirates that makes sure other banks and financial institutions follow the rules and work properly.
Foreign Exchange and Remittance Group -: The Foreign Exchange and Remittance Group is a group of companies that help people exchange money from one currency to another and send money to different countries.
exchange house branches -: Exchange house branches are places where people can go to exchange their money for a different currency or send money to someone in another country.
prudential supervision -: Prudential supervision means making sure that banks and financial companies are safe and sound, and that they follow the rules to protect people’s money.
market conduct -: Market conduct refers to the way companies behave in the market, making sure they treat customers fairly and follow the rules.
AML/CFT -: AML/CFT stands for Anti-Money Laundering and Countering the Financing of Terrorism. It means stopping illegal money activities and preventing money from being used to support terrorism.
regulatory developments -: Regulatory developments are new rules or changes to existing rules that companies must follow to make sure they are doing things correctly and safely.
Emiratisation -: Emiratisation is a policy in the UAE to increase the number of Emirati citizens working in different jobs, especially in important sectors like banking and finance.
digitalisation of financial services -: Digitalisation of financial services means using technology, like computers and smartphones, to provide banking and financial services to people more easily and quickly.