Latest news with #DubaiCashlessStrategy
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
6 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
6 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).
Business Recorder
15-07-2025
- Business
- Business Recorder
How Dubai intends to become the ‘capital of crypto'
Dubai isn't just experimenting with crypto anymore — its latest announcements show it's going all in. One of the most recent examples is the Dubai Land Department (DLD) signing a memorandum of cooperation with a platform called to develop a digital investment environment for virtual real estate assets and explore the use of blockchain technologies and digital currencies within the property sector. Earlier in the year, Dubai Finance (DOF) said it is working with to enable the payment of government service fees using cryptocurrencies. Emirates, Dubai Duty Free set to allow crypto payments In the announcement, DOF explained that the move supports the implementation of the Dubai Cashless Strategy by enabling 'secure, efficient and inclusive financial transactions through cryptocurrencies.' and 'empowering the government to introduce a new digital payment channel across its official platforms.' Outside of government departments, Emirates Airline and Dubai Duty Free are also gearing up to allow crypto payments for flights and duty free merchandise, and have also partnered with So what factors are driving the embrace? Khalil Kassam, chief business officer and co-founder at crypto data provider Kaiko, told Business Recorder: 'Dubai's government is strategically accelerating its embrace of cryptocurrency, viewing it as a pivotal element for economic diversification and achieving its ambitious goal of a 90% cashless economy by 2026.' According to him, Dubai's non-oil economy already contributes 75.5% of Dubai's GDP. 'This proactive stance, aligned with the broader Dubai Economic Agenda (D33), aims to solidify Dubai's position as a global digital asset hub and attract cutting-edge tech innovators.' 'A cornerstone of this strategy is the Virtual Assets Regulatory Authority (VARA), the world's first standalone crypto regulator, which has cultivated a robust and clear regulatory framework over several years, ensuring investor protection and enforcing strict AML/KYC standards, fostering trust and attracting legitimate businesses and capital.' 'This includes offering tax-free solutions for crypto activities for individuals and opening up new levels of expat investment.' For users, the embrace means enhanced convenience and accessibility. For example, Emirates Airline and Dubai Duty Free integrating crypto payments for flights and retail, will cater to 'tech-savvy customers and reduce cross-border payment hassles,' he said. As for the property sector, Kassam explained that tokenization opens up investment to other countries, allowing, for example, someone in Tokyo to buy an apartment as an investment without needing to be physically in Dubai. 'The future of Dubai's property sector is being fundamentally reshaped. Tokenization dramatically boosts market liquidity, allowing properties to be traded more like equities, enabling investors to exit their investments quicker than traditional methods. This also streamlines transactions, reduces costs by cutting out intermediaries, and enhances transparency and security through blockchain's immutable records.' He said 'this strategic pivot positions Dubai as a leader in PropTech innovation, attracting global tech innovators and solidifying its status as a future-ready real estate hub.' Meanwhile Business Recorder also spoke to the CEO of online broker Traze - Erkin Kamran - who said that the DLD move will 'streamline transactions, reduce costs by minimizing intermediaries, and enhance transparency and security through blockchain's immutable records.' He said adopting blockchain use in the property sector also helps with fractional ownership - something the DLD has already begun - 'allowing investors to buy portions of high-value properties, democratizing access and attracting a wider global investor base.' He also echoed Kassam's sentiments regarding VARA, 'which ensures market integrity, investor protection, and compliance with anti-money laundering standards, fostering a secure and trustworthy digital asset ecosystem.' 'This holistic approach solidifies Dubai's position as a leading, regulated, and innovative global digital asset hub.' While Dubai hasn't explained why it's chosen to partner with Singapore-based what we do know is that Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, met the President and Chief Operating Officer of in April. They discussed opportunities for collaboration in areas related to the digital economy, including emerging technologies, virtual assets, and financial innovation. is one of the few global exchanges fully licensed by VARA. It holds both provisional and operational licenses for retail and institutional services. It can be argued that this regulatory approval makes an ideal partner for public-sector integration. It also offers crypto-to-AED conversion, secure wallets, and easy integration with government systems like DubaiPay. It has a regional HQ in Dubai, invests in local initiatives and has worked with regulators in other countries, including Singapore, the UK and the US. To sum up, Dubai's efforts are not just visible in the setting up of VARA but also in its clear licensing frameworks for exchanges, custodians, and other crypto service providers. It has crypto free zones like DMCC (Dubai Multi Commodities Centre) which are crypto-friendly and offer licensing; the government and the royal family have supported events, accelerators, and investment in blockchain startups; and there is no income tax on crypto gains (personal use), and no corporate tax in many zones. While places like Singapore and the EU offer mature and cautious regulatory environments, and the US has no clear federal regulatory framework, Dubai stands out for its speed, clarity, and ambition in becoming a global crypto hub. Copyright Business Recorder, 2025
