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The Dubai Chamber of Digital Economy, functioning under the Dubai Chambers organization, has formally established a Memorandum of Understanding (MoU) with Dubai Finance (DOF). This agreement aims to boost collaboration and advance the Dubai Cashless Strategy, concentrating on governance, innovation, and the transition to a cashless economy.
The signing event 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 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 remarked, “This agreement with the Dubai Chamber of Digital Economy marks a significant milestone in consolidating efforts and reinforcing partnerships between governmental bodies to fulfill the objectives of the Dubai Cashless Strategy. At Dubai Finance, our commitment is to speed up the shift towards a fully digital society by offering a secure and adaptable financial infrastructure that incorporates innovative payment solutions, aligning with the emirate’s aspirations and leadership vision. Our partnership with the Dubai Chamber of Digital Economy showcases our mutual dedication to fostering innovation, improving governance, and creating a sustainable financial ecosystem that enhances Dubai’s status as a leading city in the global digital payment landscape.”
H.E. Mohammad Ali Rashed Lootah added, “We are devoted to actively propelling the implementation of the Dubai Cashless Strategy by nurturing the digital economy ecosystem and bolstering the competitiveness of Dubai’s fintech industry. This aligns with our commitment to accelerate digital transformation across various business sectors, particularly in financial services. Our collaboration with Dubai Finance underscores our shared ambition to establish Dubai as a frontrunner in the future of digital payments.”
The agreement
This MoU outlines crucial areas for collaboration, such as sharing insights and experiences regarding the transition to cashless practices in the financial domain, exchanging relevant data and analyses, and evaluating the results of ongoing projects. Both entities will collaborate to harness innovative fintech solutions that facilitate the shift towards a cashless economy in line with the Dubai Cashless Strategy objectives.
Furthermore, the agreement emphasizes joint initiatives aimed at raising awareness through campaigns and capacity-building initiatives focused on building trust in digital solutions and developing local talent across various business sectors. The organizations will establish specialized working groups to promote innovation and the uptake of cashless operations in finance, emphasizing the launch of forward-thinking initiatives.
The partnership also encompasses collaborative efforts to educate stakeholders about the advantages of digital payments, promote government-endorsed applications and systems, and provide training programs to enhance private sector knowledge and engagement with digital tools. Both entities will collaborate on projects that foster awareness, effective program implementation, and sustainable development.
The Dubai Chamber of Digital Economy continues to play a pivotal role in establishing Dubai as an international hub for the digital economy. The chamber is committed to unlocking opportunities across digital sectors and aiding Dubai’s evolution into a global leader in technology and innovation, consistent with the objectives set out in the Dubai Economic Agenda (D33).