Latest news with #DubaiFinance
Fintech News ME
5 days ago
- Business
- Fintech News ME
Dubai Chamber of Digital Economy and Dubai Finance Partner on Cashless Strategy
The Dubai Chamber of Digital Economy and Dubai Finance (DOF) have signed a MoU to support the implementation of the Dubai Cashless Strategy. The agreement focuses on the strategy's three key areas: governance, innovation, and the transition towards a cashless society. '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,' said Abdulrahman Saleh Al Saleh, Director General of Dubai Finance. '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.' The MoU outlines cooperation in knowledge sharing, data exchange, and monitoring outcomes related to cashless initiatives. It also includes collaboration on emerging fintech solutions and the formation of working groups focused on innovation and transformation in the financial sector. Additional areas of cooperation include joint awareness campaigns, capacity-building initiatives, and training programmes to support digital payment adoption. The agreement also covers coordinated efforts to increase public understanding of digital tools and applications used by both government and the private sector. The Dubai Chamber of Digital Economy is part of Dubai Chambers and works to support the city's digital transformation in line with the Dubai Economic Agenda (D33).
Arabian Post
5 days ago
- Business
- Arabian Post
Dubai Eyes Digital Economy Gains With Cashless Push
Arabian Post Staff -Dubai Dubai Chamber of Digital Economy and Dubai Finance have entered into a strategic partnership to bolster the emirate's ambitions of becoming a fully cashless economy. A Memorandum of Understanding signed between the two bodies outlines a coordinated framework that targets improved governance, fintech innovation, and wider digital payment adoption, in line with the objectives of the Dubai Cashless Strategy. The agreement was formalised during a ceremony 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. Representing the respective institutions, 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, signed the document on behalf of their organisations. ADVERTISEMENT This collaboration underscores Dubai's growing emphasis on integrating digital solutions across public and private sector transactions, as the emirate positions itself as a global fintech and smart governance hub. The new agreement aims to accelerate digital payments across government services while enhancing efficiency, security, and accessibility. Under the framework of the MoU, both entities will establish joint task forces, undertake regular progress evaluations, and implement technology-driven initiatives to modernise financial infrastructure. The emphasis will be on enabling end-to-end digital transactions for individuals and businesses interacting with government entities. Officials involved in the signing highlighted the strategic relevance of the initiative, citing the pivotal role of digital transformation in achieving Dubai's broader economic diversification goals. Saeed Al Gergawi remarked that this step would unlock new economic potential and reinforce Dubai's reputation as a leader in digital innovation. He noted that the Chamber aims to promote the use of cashless technologies across all levels of society, particularly among small businesses and startups. Ahmad Ali Meftah echoed similar sentiments, noting that the DOF views this partnership as an opportunity to develop governance models that leverage real-time payment data and analytics to improve decision-making and transparency. He added that it marks a milestone in the effort to optimise public sector financial management through advanced digital tools. The Dubai Cashless Strategy, announced previously by the Dubai Government, focuses on transforming the way residents and businesses conduct financial transactions. Its three-pillar approach—governance, innovation, and the shift towards a cashless society—provides the structural foundation for this latest collaboration. The strategy also aligns with the UAE Digital Government Strategy 2025, which aims to foster a holistic digital ecosystem nationwide. Dubai has already made significant strides towards cashless integration. Key government services, including health, transport, and municipal utilities, have seen widespread uptake of digital payments. A growing number of private sector entities—particularly in retail, hospitality, and real estate—have also moved to offer fully contactless payment options. Data from payment solutions providers and financial regulators suggest that consumer behaviour in Dubai is increasingly shifting towards digital modes. Contactless transactions, QR-code payments, and mobile wallet usage are seeing double-digit growth, reflecting both convenience and trust in digital platforms. E-commerce platforms and delivery services in the city have reported a significant drop in cash-on-delivery usage, replaced by integrated payment gateways. Despite the surge in adoption, challenges remain. Concerns over cybersecurity, digital exclusion among certain demographics, and interoperability between platforms continue to demand coordinated attention. Experts believe that public-private partnerships, like the one signed this week, are vital to addressing these gaps. The joint initiative between Dubai Finance and Dubai Chamber of Digital Economy aims to prioritise inclusive design and data security in all future systems. Digital finance specialists have observed that the commitment from high-level institutions such as DOF and Dubai Chambers is an indication of long-term policy backing. The formalisation of this cooperation may lead to more unified regulatory frameworks, making it easier for startups and global fintech players to operate in Dubai's ecosystem. The agreement is also expected to boost investor confidence, particularly among digital-first businesses exploring Middle East expansion. Analysts note that initiatives aimed at institutionalising digital payments often serve as catalysts for broader technology adoption, including AI-driven financial services and decentralised finance platforms.
Hi Dubai
5 days ago
- Business
- Hi Dubai
Dubai Finance and Dubai Chamber of Digital Economy Partner to Advance Cashless Transformation Strategy
Dubai Finance (DOF) and the Dubai Chamber of Digital Economy have signed a Memorandum of Understanding (MoU) to support the implementation of the Dubai Cashless Strategy, which aims to position the emirate as a global leader in digital payments. The collaboration focuses on three key pillars: governance, innovation, and the transition to a cashless society. Signed in the presence of senior officials from both entities, the agreement outlines a framework for enhanced cooperation in developing a secure and innovative digital financial environment. The MoU will facilitate the exchange of knowledge, data analysis, and joint coordination to promote cashless transformation across Dubai's financial ecosystem. Key initiatives include: Harnessing fintech innovations to support the transition to cashless transactions. to support the transition to cashless transactions. Launching awareness campaigns and capacity-building programmes to increase public trust in digital solutions. and to increase public trust in digital solutions. Establishing specialised working groups to develop initiatives that drive innovation and support the evolving needs of institutions and consumers. The agreement also aims to integrate national, regional, and international cashless efforts to enhance the UAE's standing in global fintech development. It includes provisions for joint training, education, and programme delivery, helping both public and private sector stakeholders adopt and benefit from digital payment tools. H.E. Abdulrahman Saleh Al Saleh, Director General of Dubai Finance, emphasised the importance of fostering a flexible, secure, and forward-looking financial ecosystem aligned with Dubai's leadership vision. H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, reaffirmed the Chamber's role in advancing the digital economy and fintech competitiveness through strategic public-private partnerships. This MoU strengthens Dubai's roadmap to becoming a cashless, innovation-driven economy, fully aligned with the Dubai Economic Agenda (D33) and broader national objectives to lead in digital transformation. News Source: Dubai Media Office
TECHx
5 days ago
- Business
- TECHx
Dubai Chamber Signs MoU to Advance Cashless Strategy
Home » Emerging technologies » Fintech » Dubai Chamber Signs MoU to Advance Cashless Strategy Dubai Chamber of Digital Economy, operating under Dubai Chambers, has announced the signing of a Memorandum of Understanding (MoU) with Dubai Finance (DOF). The agreement aims to strengthen cooperation and support the implementation of the Dubai Cashless Strategy. The strategy is based on three key pillars: governance, innovation, and transitioning to 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. 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, signed the agreement. H.E. Abdulrahman Saleh Al Saleh stated that the MoU marks a major step in unifying efforts across government entities to drive the Dubai Cashless Strategy. He emphasized DOF's commitment to enabling a flexible, secure, and innovative financial environment that supports digital payments. H.E. Mohammad Ali Rashed Lootah reaffirmed Dubai Chambers' commitment to advancing the digital economy and supporting the fintech sector. He added that the partnership aligns with efforts to position Dubai as a global hub for digital payments. According to both parties, the agreement includes cooperation on various initiatives such as: Exchanging knowledge on cashless transformation in the financial sector Sharing data and monitoring results of digital payment initiatives Supporting fintech innovation and developing future-forward programs The MoU also covers awareness campaigns and training programs to increase trust in digital tools and foster local talent in the private sector. Specialised working groups will be formed to drive innovation and practical solutions tailored to institutional and consumer needs. Efforts will align with regional and international fintech developments to strengthen the UAE's global competitiveness. Both entities will promote the adoption of available systems by government agencies and jointly implement awareness and development initiatives. Dubai Chamber of Digital Economy continues to play a key role in transforming Dubai into a global capital of the digital economy. The chamber remains committed to unlocking digital potential in line with the Dubai Economic Agenda (D33).
What's On
13-07-2025
- Business
- What's On
Dubai is going fully cashless and here's what it means for your everyday life
If you love the feel of cold hard cash in your hands, enjoy it while you still can, because Dubai is going fully cashless. That's right, the clink of coins and shuffle of dirham notes is on its way out as the emirate ramps up efforts to make digital payments the norm across every corner of city life. By 2026, Dubai aims for 90% of all transaction, from your shawarma stop to government fees, to be digital. It's all part of the Dubai Cashless Strategy , a sweeping initiative launched in late 2024 to fast-track digital adoption and push the city into the top five most cashless cities in the world by 2033. The upside? Faster transactions, smoother travel, and more convenience for residents and visitors alike. The move is also expected to inject Dhs8 billion annually into Dubai's economy, according to government estimates. Dubai Finance and Network International sign a MoU to support the implementation of the Dubai Cashless Strategy. The transformative initiative aims to position Dubai among the top five cashless cities by 2026. — Dubai Media Office (@DXBMediaOffice) July 10, 2025 What's already happening A nearly cashless commute Dubai's RTA is already 97% digital in government transactions, with Dhs4.4 billion in digital revenues from 679 million+ rides in 2024 alone . Most recently, metro and tram stations now have cashless Nol top-up machines, reducing transaction time by up to 40%. Tap, ride, repeat Taxis now accept QR-code payments, and free Wi‑Fi across buses and marine stops supports digital integration during commutes . Fintech is fueling the shift Workshops, partnerships, and symposia, including RTA + Visa's 'Fintech Beyond Mobility' event—are fast-tracking AI-powered payment tools and public transport innovation . Why Dubai is embracing a cashless world Faster, smoother experiences — Digital payments mean smoother rides, quicker service at cafés and stores, and convenience for tourists and residents alike. Safer, smarter economy — Less cash handling means lower fraud risk. AI and fintech integration make oversight simpler—plus it encourages innovation. Global relevance — With this strategy, Dubai hopes to crack the top five most cashless cities worldwide by 2033, further embedding the emirate in a digital-first future What comes next? 100% store-wide digital acceptance — Plan includes every shop, restaurant, and stall across Dubai. Palm-vein payments — The next big leap in contactless: paying with your palm, no wallets needed. AI and contactless everywhere — From bus stops to bill payments, Dubai is pushing seamless transactions and AI-based user experiences. So, when will you stop using cash? By 2026, the plan is for nearly every payment, from your metro fare to your oud incense, to be handled digitally. Want to stash or spend your coins before then? We'd suggest a mini-coffer raid but soon, digital will dominate. Dubai is building that seamless, tap-and-go lifestyle that matches its futuristic skyline. And whether you live here or just visit, getting ready for a cashless experience will keep you ahead of the curve. > Sign up for FREE to get exclusive updates that you are interested in
