Latest news with #DubaiFinance
Time Out Dubai
23-05-2025
- Business
- Time Out Dubai
Dubai cashless strategy: Why Dubai is moving on from physical money
Dubai big plans to eventually become a cashless city. The Dubai cashless strategy will eventually mean that all payments in the city across the government and private sectors will go digital. The initiative, first announced in October 2024, aims to ditch notes and coins for digital payments throughout the emirate. Cashless transactions are expected to hit around 90 percent of all transactions by 2026, potentially boosting economic growth by over Dhs8 billion annually. Becoming cashless does not mean that money will be abandoned altogether but, instead, payments will be digital with banking apps and credit cards currently the main way to pay without physical notes or coins. The strategy will also prioritise innovations in digital payments, including AI-driven solutions and contactless technologies to offer even more ways to pay. And the latest development by DIFC and Dubai Finance means that there will be specialised workshops to help businesses make the switch. The collab will also bring AI-driven initiatives that add value for workers, tourists and the broader community by adopting digital payments. In the presence of Ahmed bin Saeed, Dubai Finance signs a Memorandum of Understanding with the Dubai International Financial Centre to support the implementation of the Dubai Cashless Strategy. The agreement focuses on the strategy's three core pillars—governance, innovation, and… — Dubai Media Office (@DXBMediaOffice) May 16, 2025 The city plans for 100 percent of stores to accept digital payments and for everyone living in the city to be able to pay digitally. That's right, bartering at the souq with notes or rummaging around the back of the sofa for long-lost change could soon be a thing of the past. The Dubai Cashless Strategy was initially revealed late on Tuesday October 1 following a meeting of The Executive Council of Dubai. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chaired that meeting, outlining that the city aims to make itself one of the top five cashless cities in the world. .@HamdanMohammed chairs @TECofDubai's meeting; approves the Education Strategy 2033, the Real Estate Strategy 2033 and Dubai Cashless Strategy. — Dubai Media Office (@DXBMediaOffice) October 1, 2024 Dubai has also outlined that it wants to make a range of financial technology services available to people in the city. The plan to make the switch to becoming cashless has been brought about with consumers, payment service providers and merchants in mind with the move set to have a wider benefit of convenience and speedier payments throughout the emirate. At the meeting, the city also discussed its overarching real estate strategies, plans for education and the future of transport in Dubai. If you've got some spare pennies and have no idea what to do with them, then check out our guide on what to do with Dhs1 in Dubai. Looking for things to do in Dubai? 112 best things to do in Dubai in 2025 Everything to tick off your Dubai bucket list 50 free things to do in Dubai Feeling the pinch? Enter free things to do Here's how to eat at 10 expensive Dubai restaurants for less Early bird dinners, lunch specials and more
Hi Dubai
19-05-2025
- Business
- Hi Dubai
Dubai Finance and DIFC Partner to Accelerate Cashless Transformation
Dubai Finance (DOF) and the Dubai International Financial Centre (DIFC) have signed a strategic agreement to drive forward the Dubai Cashless Strategy, marking a major step in the emirate's push towards a fully digital financial future. The Memorandum of Understanding (MoU), signed during the Dubai FinTech Summit in Madinat Jumeirah, focuses on three key pillars — Governance, Innovation, and Society. It aims to enhance collaboration on financial digitalisation, drawing on DIFC's position as the region's leading financial innovation hub. The signing was held in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee. The agreement was formalised by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Essa Kazim, Governor of DIFC. Al Saleh highlighted the partnership as a crucial move in aligning with Dubai's vision to become a global financial centre. 'This agreement accelerates our shift to a fully integrated digital financial system,' he said. 'Through this collaboration, we aim to foster innovation in digital payments and build a secure, adaptable ecosystem.' Essa Kazim noted the MoU supports the broader vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to position Dubai as a digital economy leader. 'DIFC will continue to provide an enabling environment for fintech growth and sustainable innovation,' he said. As part of the initiative, workshops, innovation programmes, and AI-driven projects will be launched to support the transition to a cashless society. The agreement also leverages the DIFC Innovation Hub to boost adoption of digital payment solutions across various sectors, including tourism and public services. News source: Emirates News Agency
Gulf Business
18-05-2025
- Business
- Gulf Business
Dubai Finance, DIFC sign MoU to advance cashless strategy
Image: Dubai Media Office/ For illustrative purposes Dubai Finance (DOF) and the Dubai International Financial Centre (DIFC) have signed a memorandum of understanding (MoU) to support the implementation of the Dubai Cashless Strategy, focusing on the initiative's three core pillars: governance, innovation, and society. The agreement aims to enhance the exchange of information and expertise in financial digitalisation, leveraging DIFC's position as the region's leading financial innovation ecosystem. A key step in advancing the Dubai Cashless Strategy 'This agreement marks a significant milestone in advancing the Dubai Cashless Strategy and accelerating the shift towards a fully integrated digital financial future,' said Abdulrahman Saleh Al Saleh, DG of DOF. 'Guided by the vision and directives of our leadership, we are committed to positioning Dubai as a global financial hub. DIFC plays a central role in strengthening Dubai's standing among the world's leading financial centres, with its advanced regulatory framework and world-class infrastructure. In the presence of Ahmed bin Saeed, Dubai Finance signs a Memorandum of Understanding with the Dubai International Financial Centre to support the implementation of the Dubai Cashless Strategy. The agreement focuses on the strategy's three core pillars—governance, innovation, and… — Dubai Media Office (@DXBMediaOffice) Essa Kazim, governor of DIFC, added, 'This partnership with Dubai Finance supports the Dubai Cashless Strategy. At DIFC, we remain committed to fostering an enabling environment for fintech companies to thrive.' The agreement includes the organisation of specialised workshops to support best practices for a cashless economy and to facilitate the adoption of digital payment channels. It also encompasses collaboration with DIFC's Innovation Hub to explore AI-driven initiatives that benefit residents, tourists, and the wider community. Additionally, the MoU supports innovation programmes and accelerators aimed at developing advanced, accessible, and efficient digital financial solutions. Read:
Time Out Dubai
16-05-2025
- Business
- Time Out Dubai
Dubai cashless strategy: Dubai Finance and DIFC sign strategic partnership
Dubai has revealed big plans to eventually become a cashless city. The Dubai cashless strategy will eventually mean that all payments in the city across government and private sectors will go digital. A big step forward in the plans came on Friday May 16 2025, as Dubai Finance and DIFC signed an agreement to support the cashless strategy. The initiative, first announced in October 2024, aims to ditch notes and coins for digital payments throughout the emirate. Cashless transactions are hoped to hit around 90 percent of all transactions by 2026, potentially boosting economic growth by over Dhs8 billion annually. Becoming cashless does not mean that money will be abandoned altogether but, instead, payments will be digital with banking apps and credit cards currently the main way to pay without physical notes or coins. The strategy will also prioritise innovations in digital payments, including AI-driven solutions and contactless technologies to offer even more ways to pay. And the latest development by DIFC and Dubai Finance means that there will be specialised workshops to help businesses make the switch. The collab will also bring AI-driven initiatives that add value for workers, tourists and the broader community by adopting digital payments. In the presence of Ahmed bin Saeed, Dubai Finance signs a Memorandum of Understanding with the Dubai International Financial Centre to support the implementation of the Dubai Cashless Strategy. The agreement focuses on the strategy's three core pillars—governance, innovation, and… — Dubai Media Office (@DXBMediaOffice) May 16, 2025 The city plans for 100 percent of stores to accept digital payments and for everyone living in the city to be able to pay digitally. That's right, bartering at the souq with notes or rummaging around the back of the sofa for long-lost change could soon be a thing of the past. The Dubai Cashless Strategy was initially revealed late on Tuesday October 1 following a meeting of The Executive Council of Dubai. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chaired that meeting, outlining that the city aims to make itself one of the top five cashless cities in the world. .@HamdanMohammed chairs @TECofDubai's meeting; approves the Education Strategy 2033, the Real Estate Strategy 2033 and Dubai Cashless Strategy. — Dubai Media Office (@DXBMediaOffice) October 1, 2024 Dubai has also outlined that it wants to make a range of financial technology services available to people in the city. The plan to make the switch to becoming cashless has been brought about with consumers, payment service providers and merchants in mind with the move set to have a wider benefit of convenience and speedier payments throughout the emirate. At the meeting, the city also discussed its overarching real estate strategies, plans for education and the future of transport in Dubai. If you've got some spare pennies and have no idea what to do with them, then check out our guide on what to do with Dhs1 in Dubai. Looking for things to do in Dubai? 112 best things to do in Dubai in 2025 Everything to tick off your Dubai bucket list 50 free things to do in Dubai Feeling the pinch? Enter free things to do Here's how to eat at 10 expensive Dubai restaurants for less Early bird dinners, lunch specials and more
Gulf Today
13-05-2025
- Business
- Gulf Today
Dubai Finance signs MoU with Crypto.com to enable cryptocurrency payments for government fees
Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with a globally recognised cryptocurrency trading platform, to enable the payment of government service fees using cryptocurrencies-an initiative that marks a significant step in advancing digital finance on a global scale. The MoU was signed on Monday in the presence of Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director-General of DOF. The agreement was formalised by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Mohammed Al Hakim, President of UAE, the cryptocurrency platform licensed by the Dubai's Virtual Assets Regulatory Authority (VARA). The signing took place on the sidelines of DOF and participation in the Dubai FinTech Summit, which commenced today at the Dubai International Financial Centre, representing a key step in advancing Dubai's digital finance landscape. The partnership supports the implementation of the Dubai Cashless Strategy by enabling secure, efficient and inclusive financial transactions through cryptocurrencies. It also paves the way for Dubai's transition to a fully digital, cashless society by empowering the Government of Dubai to introduce a new digital payment channel across its official platforms. The initiative will enable seamless and secure payments for government services using stable cryptocurrencies, further strengthening Dubai's position as a global hub for financial innovation. Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, said that adopting secure cryptocurrency solutions within the Government of Dubai's payment system reflects a proactive approach to anticipating future needs and responding to global economic and financial developments. "Dubai continues to advance through coordinated efforts across government entities and key sectors to meet and exceed the expectations of individuals, businesses, and the wider community. As a global leader in digital transformation, the emirate is further strengthening its position by deploying the latest secure financial technology solutions that support its cashless strategy, streamline government transactions, and foster innovation in financial services. I extend my sincere appreciation to the Department of Finance for enabling new global partnerships that support the objectives of the Dubai Economic Agenda D33 and reinforce Dubai's status as a global hub for innovation,' Al Basti said. Abdulrahman Saleh Al Saleh, Director-General of DOF, said, "We take great pride in Dubai Finance's key role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future. As we stand at the forefront of a transformative financial revolution, we underscore the significance of the MoU with in accelerating the strategy's objectives-aligning with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance Dubai's global standing in digital payments. We remain committed to collaborating with our partners across government entities and leading financial service providers to advance the digital payment ecosystem and develop innovative solutions that support the rapidly evolving digital economy." Eric Anziani, President and COO of said, "The Government of Dubai has been a true global visionary with its plans for a cashless society. We are proud to be selected to support Dubai's Department of Finance as part of this initiative, which will see enable the delivery of the first comprehensive and holistic Government-wide implementation of payment digitisation. We are excited to bring our capabilities and innovative thinking to catalyse this progress and we recognise the exceptional vision of Dubai's leadership in shaping the future of economic growth with ambitious programmes such as these.' Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, reaffirmed Dubai Finance's commitment to embracing the latest financial technologies, underscoring Dubai's ambitious vision to position itself as a global hub for digital payments. "Collaboration between the public and private sectors plays a vital role in driving this transformation. We are actively developing an advanced regulatory framework that fosters innovation while ensuring the highest standards of security and efficiency in digital financial transactions. This enhances customer trust in Dubai Government services and unlocks new opportunities for economic growth. Through strategic partnerships, we remain dedicated to establishing a sustainable financial model that empowers individuals and businesses, cementing Dubai's leadership in financial technology and keeping it at the forefront of global innovation and economic progress,' he said. Mohammed Al Hakim, President of UAE, said, "Today's announcement represents significant progress for the adoption of digital finance with a comprehensive integration into the layers of government payments. As part of the ambitious D33 agenda, we are honoured to partner with Dubai Finance on a truly global first programme, as the emirate aims to transform Dubai's economic growth with the Dubai Cashless Strategy, leading the way in shaping the future of sustainable economic diversification." Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, said, "The Dubai Cashless Strategy aims to strengthen the emirate's position among the world's leading digital cities, with a goal of conducting more than 90 per cent of financial transactions across both the public and private sectors through cashless methods by 2026. The signing of this agreement with a globally renowned cryptocurrency platform marks a groundbreaking initiative, enabling government service users to pay all government fees through digital currencies-an unprecedented step in the global financial landscape. We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy.' The Dubai Cashless Strategy is expected to drive economic growth by adding at least AED8 billion annually to the economy, fuelled by the development of a wide range of innovative financial technology services and the accelerated expansion of Dubai's fintech sector. Once the necessary technical arrangements for the agreement's activation are finalised, individuals and businesses customers of government entities will be able to pay service fees seamlessly through digital wallets. The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework. WAM
