The appointment of its nominee, Ahmed Abdelaal, to the Supervisory Board of the Society for Worldwide Interbank Financial Telecommunication (Swift), according to the UAE Banks Federation (UBF), demonstrates international trust in the UAE’s standing and the growth of its payments ecosystem.
The federation, which represents banks in the United Arab Emirates, nominated Abdelaal, group CEO of Mashreq and a member of UBF’s CEO Advisory Council. The United Arab Emirates is the only nation to appoint a new delegate to the Supervisory Board. It is also the only Middle Eastern and African nation represented on the board.
Swift changed its governance arrangement and then announced the creation of the board. In addition to strengthening the resilience and trust that underpin international payments, the board seeks to align the organization’s next phase of strategy with the priorities of the global financial sector.
The Supervisory Board is composed of ten shareholder-affiliated directors selected from Swift’s global community, four independent directors, and a chair under the two-tier structure. With the help of a 25-member Swift Council and a Management Board, it will supervise Swift’s management.
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