Dubai’s Department of Finance and the Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, have signed a memorandum of understanding aimed at enhancing cooperation and partnership to achieve the goals of the Dubai Cashless Strategy. This will focus on the key pillars of governance, innovation, and the transition to a cashless society.
In the presence of His Excellency Abdul Rahman Saleh Al Saleh, Director General of Dubai Finance, and His Excellency Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, the agreement was signed by Saeed Al Qarkawi, Vice President of the Dubai Chamber of Digital Economy, and Ahmed Ali Muftah, Executive Director of the Central Accounts Sector at Dubai Finance.
His Excellency Abdul Rahman Saleh Al Saleh remarked that the memorandum with the Dubai Chamber of Digital Economy represents “a significant step towards unifying efforts and strengthening partnerships among government entities to achieve the goals of the Dubai Cashless Strategy.” He emphasized Dubai Finance’s commitment to accelerating the transition to an integrated digital society by providing a flexible and secure financial environment based on innovative payment solutions that align with the emirate’s aspirations. He added, “Our collaboration with the Dubai Chamber of Digital Economy reflects our joint commitment to supporting innovation, enhancing governance, and building a sustainable financial ecosystem that reinforces Dubai’s position among the world’s leading cities in adopting digital payments.”
On his part, Mohammed Ali Rashid Lootah stated, “We are committed to actively contributing to the implementation of the Dubai Cashless Strategy by supporting the development of the digital economy ecosystem and enhancing the competitiveness of the fintech sector in the emirate, while simultaneously accelerating digital transformation across all business sectors, particularly in finance. The collaboration with Dubai Finance is part of our mutual commitment to enhancing Dubai’s role in shaping the future of digital payments globally.”
The memorandum outlines the enhancement of collaboration in various fields, including the exchange of knowledge and expertise regarding cashless transformation in the financial services sector for businesses. It also covers data sharing, analytics, and monitoring the outcomes of implementing cashless transformation initiatives in the financial sector, as well as joint coordination to utilize modern fintech solutions to support the transition to a cashless society in line with the Dubai Cashless Strategy.
Under the memorandum, the Dubai Chamber of Digital Economy and Dubai Finance will collaborate to explore the launch of awareness campaigns and capacity-building initiatives to increase trust in digital solutions and develop national competencies in business sectors. They will formations specialized working groups to support innovation and cashless transformation in the financial sector, developing innovative initiatives aimed at accelerating the transition to a cashless society, focusing on solutions that meet the needs of businesses and consumers, while ensuring integration between national efforts and regional and international initiatives to enhance the competitiveness of the UAE in fintech.
The areas of collaboration within the framework of the memorandum also include developing joint efforts to raise awareness of the benefits of digital payments and promote the use of available applications and systems among government entities. Additionally, it will enhance bilateral cooperation in training and education related to cashless transformation in the financial sector, enabling users in the private sector to understand and utilize available digital payment tools and applications, as well as coordinating joint efforts for the implementation of projects and initiatives in awareness and sustainable development.
The Dubai Chamber of Digital Economy plays a vital role in establishing Dubai as a global capital for the digital economy, committed to unleashing the full potential of digital sectors and contributing to Dubai’s journey towards achieving its future aspirations of becoming a leading global hub for technology and innovation in line with the objectives of the Dubai Economic Agenda (D33).