Month: June 2021

ABU DHABI, The Central Bank of the UAE (CBUAE), the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC), and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have jointly launched a four-week public consultation on proposed “Guidelines for Financial Institutions Adopting Enabling Technologies”.

The consultation launched today sets out principles for cross-sectoral such as banking, insurance, asset management and securities, and best practices for financial institutions when adopting enabling technologies for the development or offering of innovative products and services.

The enabling technologies include Application Programming Interfaces, Big Data Analytics and Artificial Intelligence, Biometrics, Cloud Computing, and Distributed Ledger Technology.

The objectives of these Guidelines are to promote the safe and sound adoption of these technologies by financial institutions across the UAE, so that the risks arising from the adoption of innovative activities are proactively and appropriately managed.

In drawing up the Guidelines, the Regulators have considered both international standards and industry best practices.

The Guidelines will apply to all financial institutions that are licensed and supervised by any of the Regulators and who utilise the enabling technologies, irrespective of the financial activities conducted.

The Regulators welcome comments on the Guidelines which is planned to be issued in the second half of 2021, subject to the outcome of the public consultation.

Source: Emirates News Agency

SHARJAH, The Sharjah Exports Development Centre (SEDC), an initiative of the Sharjah Chamber of commerce and Industry (SCCI), has announced plans to send a trade mission to Russia next September.

A delegation of businessmen and investors from the chamber will be visiting the transcontinental country to strengthen economic ties, develop industries, improve trade exchanges, and forge new and promising investment partnerships with their Russian counterparts.

The centre will also be taking part in the world’s leading food fair “Anuga”, to be held in Germany on 9th October, 2021, to support and promote national food exports and market them in one of the largest food exhibitions in Europe and the world.

The SEDC will also participate in “SIAL Middle East “, the leading food, beverage, and hospitality event that will be held from 7th to 9th September, at Abu Dhabi National Exhibition Centre (ADNEC).

Mohammad Ahmed Amin Al Awadi, the SCCI’s Director-General, stated that the centre’s agendas will certainly serve the business community in the emirate, and support the SCCI’s plans to strengthen cooperation ties with all countries and enhance the emirate’s exports to the world.

“This also reflects the chamber’s strategy of highlighting the capabilities of the business sector in Sharjah and the UAE, which is unique for its economic and commercial openness and exceptional business environment conducive to investments, capital and companies,” Al Awadi said.

Since its inception in 2015, the SEDC has played a major role in creating an ideal supportive and stimulating environment for local exports, he said.

“We have always been keen on providing a variety of services that can encourage industrial and export establishments, to excel in foreign markets, enhance their competitive capabilities and capitalise on regional and international marketing opportunities by providing export solutions and resources, and creating credit guarantees and technical support for exports” Al Awadi noted.

Abdul Aziz Shattaf, SCCI Assistant Director-General, Members Services Sector and Director of the SEDC, emphasised that it will be representing the SCCI at the Expo 2020 Dubai. In addition, the centre will spare no effort in creating new cooperation links with global business communities, and highlight the benefits of doing business in Sharjah in light of its special characteristics and unparalleled investment environment.

Source: Emirates News Agency