Dubai’s Ministry of Finance and Network International have entered into a memorandum of understanding aimed at advancing the city’s cashless strategy, which was initiated by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Vice Prime Minister, Defense Minister, and Head of the Executive Council. The goal is to position Dubai among the top five cashless cities worldwide by 2026.
This partnership between Dubai’s Ministry of Finance and Network International, a leading entity in digital trade facilitation in the Middle East and Africa, will bolster the three primary pillars of Dubai’s cashless strategy: governance, innovation, and community. It will also enhance knowledge sharing and support comprehensive financial digitization efforts.
The memorandum was signed by Ahmed Ali Al Mehta, Executive Director of the Central Accounts Sector at Dubai’s Ministry of Finance, and Jamal Al-Nasai, General Manager of Merchant Services for the Middle East and North Africa at Network International.
Network International, with its extensive expertise in financial technology and digital payment solutions, plays a crucial role in expanding digital payment adoption across various sectors, enabling businesses and individuals to perform financial transactions smoothly and securely.
Under this partnership, both parties are expected to explore technology-driven innovations that leverage Network’s capacity to implement digital payment solutions, enhancing financial inclusion and facilitating financial transactions for all community segments. The agreement also supports innovative initiatives aimed at developing advanced digital financial services that provide seamless payment experiences for all users.
Ahmed Al Mehta stated, “By adopting advanced digital payment solutions, we aim to create a more inclusive and efficient financial ecosystem that benefits all community segments. This collaboration underscores our commitment to accelerating the transition to a cashless economy by providing individuals and businesses with secure, seamless, and advanced payment solutions.”