ABU DHABI: UAE banking sector comes to terms with new regulations and the implications of VAT, KPMG’s annual UAE banking perspectives report reveals how technological innovation and strong corporate governance will enable banks to transform into robust financial institutions.
KPMG also analyses the validity of exploring and implementing blockchain applications to achieve three objectives – improve operational efficiency, increase revenue and reduce risk.
Emilio Pera, partner and head of Financial Services, KPMG Lower Gulf, said: “Banks in the UAE are operating in very dynamic times. The introduction of new laws and tougher regulations is putting tremendous pressure on banks to re-think their business models. Furthermore, the introduction of VAT has impacted profit margins.
Cybersecurity has also emerged among the top priorities in the board room, as any breach could undermine the trust that customers have in their bank, and affect the future profitability, it added.
