According to the Central Bank of the UAE’s (CBUAE) 4th Quarter Report 2023 on Monetary, Banking, and Financial Markets Developments, technological and structural advancements in the UAE financial sector continue to improve security, operational efficiency, accessibility of mobile banking applications, online banking, and overall customer experience.
“Due to the widespread implementation of technology throughout the economy, the UAE financial system is more secure and efficient than ever before,” the report stated.
After the fourth quarter of 2023, the number of locally incorporated banks (excluding investment banks) remained stable at 22.
Cash Offices remained steady at 21 by the end of December 2023. The number of GCC banks remained stable at six by the conclusion of the fourth quarter of 2023, with one more wholesale GCC bank.
The number of branches for these banks will remain constant at six at the end of December 2023. Other foreign banks totaled 22 with 66 branches.
At the end of the fourth quarter of 2023, these institutions had 21 electronic banking service units, and their cash offices remained steady at one.
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