Image: Getty Images
The Dubai Chamber of Digital Economy, functioning under the umbrella of Dubai Chambers, has entered into a Memorandum of Understanding (MoU) with Dubai Finance (DOF) with the aim of enhancing collaboration and advancing the Dubai Cashless Strategy. This agreement concentrates on three primary components of the strategy: governance, innovation, and the transition to a cashless society.
The signing ceremony was attended by 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 MoU was executed 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.
H.E. Abdulrahman Saleh Al Saleh commented, “This MoU with the Dubai Chamber of Digital Economy marks a significant milestone in our efforts to unify and enhance partnerships among government bodies aimed at achieving the objectives of the Dubai Cashless Strategy. At Dubai Finance, we strive to expedite the transition to a fully digital society by offering a secure and adaptable financial environment that utilizes innovative payment solutions reflecting the aspirations and vision of the emirate’s leadership. Our joint efforts with the Dubai Chamber of Digital Economy signify our mutual dedication to fostering innovation, improving governance, and creating a sustainable financial ecosystem that strengthens Dubai’s status as a leading global city in digital payment adoption.”
H.E. Mohammad Ali Rashed Lootah remarked, “We are devoted to actively facilitating the execution of the Dubai Cashless Strategy by enhancing the digital economy ecosystem and bolstering the competitiveness of Dubai’s fintech industry. This is part of our continuous efforts to promote digital transformation across various business sectors, especially in financial services. Our partnership with Dubai Finance reflects our collective commitment to establishing Dubai as a global frontrunner in the evolution of digital payments.”
The agreement
The MoU outlines vital cooperation areas, which include sharing insights and experiences related to cashless transformation within the financial sector, exchanging pertinent data and analysis, and overseeing the results of ongoing initiatives. Both entities will collaborate on utilizing emerging fintech solutions to facilitate the transition towards a cashless economy, closely aligning with the objectives of the Dubai Cashless Strategy.
Moreover, the agreement specifies joint initiatives for raising awareness through campaigns and capacity-building programs aimed at instilling trust in digital solutions and fostering local talent in various business sectors. The two organizations will establish specialized working groups to encourage innovation and the adoption of cashless practices within finance, with an emphasis on initiating forward-thinking projects.
The collaboration also encompasses joint endeavors to educate stakeholders about the advantages of digital payments, promote government-supported applications and systems, and provide training programs to enhance the private sector’s understanding and utilization of digital tools. Both parties will collaborate on projects designed to boost awareness, ensure effective program implementation, and promote sustainable development.
The Dubai Chamber of Digital Economy continues to be pivotal in establishing Dubai as a global hub for the digital economy. The chamber is committed to unlocking opportunities across digital sectors and facilitating Dubai’s development into a leading global player in technology and innovation, in line with the objectives outlined in the Dubai Economic Agenda (D33).