Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has signed a Memorandum of Understanding (MoU) with Dubai Finance (DOF) aimed at strengthening cooperation to advance the implementation of the Dubai Cashless Strategy. The agreement focuses on the strategy’s three key pillars of governance, innovation, and the transition towards a cashless society.
The MoU was signed in the presence of H.E. Abdulrahman Saleh Al Saleh, Director General of Dubai Finance, and H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. The agreement was signed by Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, and Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at Dubai Finance.
His Excellency Abdulrahman Saleh Al Saleh, Director General of Dubai Finance, said: “This MoU with the Dubai Chamber of Digital Economy represents an important step towards unifying efforts and strengthening partnerships among government entities to achieve the objectives of the Dubai Cashless Strategy. At Dubai Finance, we are committed to accelerating the transition towards a fully digital society by providing a flexible and secure financial environment that leverages innovative payment solutions in line with the emirate’s ambitions and leadership vision. Our collaboration with the Dubai Chamber of Digital Economy reflects our shared commitment to supporting innovation, enhancing governance, and building a sustainable financial ecosystem that reinforces Dubai’s position as one of the world’s leading cities in adopting digital payments.”
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated: “We are committed to actively supporting the implementation of the Dubai Cashless Strategy by advancing the digital economy ecosystem and strengthening the competitiveness of Dubai’s fintech sector. This aligns with our ongoing efforts to accelerate digital transformation across all business sectors, particularly financial services. Our partnership with Dubai Finance reflects our shared commitment to positioning Dubai as a global leader in shaping the future of digital payments.”
The MoU outlines enhanced cooperation across several areas, including the exchange of knowledge and experience in the field of cashless transformation in the financial sector for businesses, the sharing of relevant data and analysis, and monitoring the results of cashless initiatives in the financial sector. The agreement also encompasses joint coordination to harness emerging fintech solutions in support of the transition to a cashless society, in line with the objectives of the Dubai Cashless Strategy.
Under the terms of the MoU, the two parties will explore cooperation on launching awareness campaigns and capacity-building initiatives to increase trust in digital solutions and develop local talent in business sectors. In addition, specialised working groups will be jointly established to support innovation and cashless transformation in the financial sector, with the goal of developing forward-looking initiatives that accelerate the shift to a cashless society.
These efforts will focus on delivering practical solutions that meet the needs of institutions and consumers while ensuring integration between national efforts and regional and international initiatives to enhance the UAE’s competitiveness in the field of financial technology in the fintech space.
The scope of cooperation also includes the development of joint efforts to raise awareness of the benefits of digital payments, promote the use of applications and systems available to government agencies, and enhance cooperation in the field of training and education in the field of cashless transformation in the financial sector to enable private sector users to better understand and utilise the available digital payment tools and applications. The two parties will also coordinate on implementing joint projects and initiatives in areas including awareness, effective programme delivery, and sustainable development.
Dubai Chamber of Digital Economy plays a pivotal role in establishing Dubai as a global capital of the digital economy. The chamber is committed to unlocking the full potential of digital sectors and transforming Dubai into a global leader in technology and innovation in line with the objectives of the Dubai Economic Agenda (D33).
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