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The Dubai Chamber of Digital Economy has formed a partnership with Dubai Finance (DOF) through the signing of a Memorandum of Understanding (MoU) aimed at bolstering collaboration and advancing the Dubai Cashless Strategy. This agreement centers around three key components: governance, innovation, and the transition to a cashless environment.
The MoU was signed in the presence of H.E. Abdulrahman Saleh Al Saleh, who is the Director General of Dubai Finance, and H.E. Mohammad Ali Rashed Lootah, the President and CEO of Dubai Chambers. The signing ceremony included Saeed Al Gergawi, Vice President of the Dubai Chamber of Digital Economy, and Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at Dubai Finance.
H.E. Abdulrahman Saleh Al Saleh emphasized, “This collaboration with the Dubai Chamber of Digital Economy marks a pivotal moment in unifying our efforts and enhancing partnerships between governmental entities to fulfill the objectives of the Dubai Cashless Strategy. We are dedicated at Dubai Finance to facilitating a smooth transition to a fully digital society by creating a flexible and secure financial environment, utilizing innovative payment solutions that align with the emirate’s vision and ambitions. Our partnership with the Dubai Chamber of Digital Economy underlines our joint dedication to fostering innovation, strengthening governance, and developing a sustainable financial ecosystem that solidifies Dubai’s status as a frontrunner in digital payment adoption globally.”
In addition, H.E. Mohammad Ali Rashed Lootah remarked, “We are devoted to supporting the implementation of the Dubai Cashless Strategy through enhancing the digital economic ecosystem and boosting Dubai’s fintech competitiveness. This effort is in line with our continuous strategy to accelerate digital transformation across all sectors, particularly in financial services. Our collaboration with Dubai Finance illustrates our shared dedication to positioning Dubai as a global frontrunner in shaping the digital payments landscape.”
The MoU Details
This agreement outlines significant areas of collaboration, including the sharing of expertise and experiences regarding cashless transitions in the financial sector, data exchange, and the evaluation of results from ongoing initiatives. The parties will coordinate their efforts to utilize emerging fintech innovations to expedite the move towards a cashless economy, in alignment with the objectives of the Dubai Cashless Strategy.
Additionally, this MoU highlights collective actions in promoting awareness through campaigns and capacity-building programs that inspire confidence in digital solutions and cultivate local talent across various sectors. Dedicated working groups will be established by both organizations to foster innovation and encourage the integration of cashless practices in finance, with an emphasis on pioneering initiatives.
The collaborative efforts will also involve educating stakeholders on digital payment advantages, promoting government-supported applications and systems, and providing training programs aimed at enhancing the private sector’s understanding and utilization of digital tools. Both entities will engage in joint projects that enhance awareness, facilitate effective program execution, and support sustainable development.
The Dubai Chamber of Digital Economy continues to be integral in establishing Dubai as a worldwide digital economy center. The chamber is committed to unlocking opportunities within digital sectors and facilitating Dubai’s rise to a global leader in technology and innovation, in accordance with the objectives set out in the Dubai Economic Agenda (D33).