CBUAE Reports UAE Financial System Reaches New Heights of Security and Efficiency

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The Central Bank of the UAE (CBUAE) has released its 4th Quarter Report of 2023, highlighting significant advancements in the country’s financial sector. According to the report, technological and structural enhancements have bolstered security, operational efficiency, and customer experience across various banking channels.

The report underscores the widespread implementation of technology throughout the economy, attributing it to the heightened security and efficiency of the UAE financial system.Key findings from the report include a consistent number of locally incorporated banks, with 22 banks remaining at the end of the fourth quarter of 2023. However, the number of branches and electronic banking service units slightly decreased during the same period.

Similarly, the number of GCC banks and other foreign banks remained steady, contributing to the overall stability of the financial landscape. The report also highlights the significant presence of financial institutions licensed by the Central Bank, totaling 173 entities, including Wholesale Banks, Representative Offices, Finance Companies, and Money Changers.

Moreover, the total number of ATMs operated by banks in the UAE reached 4,654 by the end of December 2023, reflecting the accessibility and convenience of banking services for customers across the country.
Overall, the report underscores the UAE’s commitment to advancing its financial infrastructure, ensuring a secure and efficient banking environment for businesses and individuals alike