The Central Bank has agreed with banks and telecoms companies on a road map for improving mobile phone banking services in a bid to raise the value of mobile transactions in the UAE.
A technical working group including representatives from the regulator, local banks, Etisalat and du has been launched to look at ways to make it easier and cheaper for customers to make financial transactions on their mobile phones.
It follows a meeting of the entities at the Central Bank in Abu Dhabi on Sunday, according to a statement from the regulator.
With nearly 14 million mobile phones in use - a ratio of almost two devices per individual - the country has one of the highest mobile penetration rates in the world. Yet many banks have yet to keep up with the increasing migration to mobile banking services in the developed world.
"Banks should be allocating more resources to mobile banking as it is not that great a leap from online banking services and it can allow banks to grow quickly without the need to expand their branch network," said Chiradeep Ghosh, a banking analyst at Sico Research in Bahrain.
During the meeting, the Central Bank urged Etisalat and du to lower the cost of "core systems and telecommunications services" to enable customers to make payments and other transactions on their phone more cheaply. It also asked the two telecoms companies to cut their charges for data transmissions and SMS.
Etisalat and du vowed to offer a more user-friendly, high-capacity email system to enable more efficient bill payments. The Central Bank said it would develop a common payment system to link the services.
The regulator said it would also urge banks to send SMS transaction confirmations on credit cards and bank accounts as a way to reduce fraud.
The Middle East's contribution to mobile transactions is set to be worth US$27.6 billion by 2017, accounting for about 4 per cent of the global value, according to forecasts released by the research firm Gartner last week. The region accounts for only 1 per cent of the global value at present.
While money transfers are the main driver of this growth, payments between business to business and business to consumer will also play a key role, according to analysts.
"The potential is in money transfer and using mobile wallet to transfer money between people," said Sandy Shen, the research director of consumer services at Gartner.
"It requires business collaboration between banks, telecoms and merchants to grow."
The Central Bank's meeting follows the launch last month by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, of a government campaign to raise the number of services available via mobile phone. The mGovernment scheme aims to roll out mobile services across all government departments within 24 months.
Nobody was available to comment further from the Central Bank or Etisalat and du yesterday about the meeting.
The meeting was attended by SultanAl Suwaidi, the Governor of the Central Bank, Ahmed Abdul Karim Julfar, the chief executive of Etisalat, Osman Sultan, the chief executive of du and Tirad Mahmoud, the chief executive of Abu Dhabi Islamic Bank, who represented the UAE Banks Federation. The UAE Banks Federation appointed Emirates NBD, National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai and Mashreq to sit on the technical working group, according to people familiar with the matter.
The UAE lags behind many other countries in its use of mobile banking services - a key drag on its global competitiveness. Etisalat has offered SMS banking since 2010, which has been utilised by Abu Dhabi Islamic Bank and Emirates NBD to offer a free mobile transaction service to its customers including utility bill payments and account transfers, though no bank has been able to allow payments to other third parties such as retailers.
Etisalat has offered SMS banking since 2010.
"Technology is an enabler and can allow a bank to function better. Mobile banking can be a driver of growth and business opportunities," said Philippe De Backer, a partner and director at Bain and Company, the consultancy firm.
Some of the fastest developments in mobile banking have been made in Africa, where the lack of bank infrastructure has encouraged financial firms to make use of mobile phones instead.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
THREE
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
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Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019