
Dubai Cashless Strategy gets the support of Dubai Chamber of Digital Economy and Dubai Finance
Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has signed a Memorandum of Understanding with Dubai Finance (DOF) aimed at strengthening cooperation to advance the implementation of the Dubai Cashless Strategy.
The agreement focuses on the strategy’s three key pillars of governance, innovation, and the transition towards a cashless society.
The MoU was signed in the presence of Abdulrahman Saleh Al Saleh, Director-General of Dubai Finance, and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. It was signed 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.
The MoU outlines enhanced cooperation across several areas, including the exchange of knowledge and experience in the field of cashless transformation in the financial sector for businesses, the sharing of relevant data and analysis, and monitoring the results of cashless initiatives in the financial sector.
It also encompasses joint coordination to harness emerging fintech solutions in support of the transition to a cashless society, in line with the objectives of the Dubai Cashless Strategy.
Under the terms of the MoU, the two parties will explore cooperation on launching awareness campaigns and capacity-building initiatives to increase trust in digital solutions and develop local talent in business sectors. In addition, specialised working groups will be jointly established to support innovation and cashless transformation in the financial sector, with the goal of developing forward-looking initiatives that accelerate the shift to a cashless society.
The scope of cooperation also includes the development of joint efforts to raise awareness of the benefits of digital payments, promote the use of applications and systems available to government agencies, and enhance cooperation in training and education to better understand and utilise the available digital payment tools and applications.
The two parties will also coordinate on implementing joint projects and initiatives in areas including awareness, effective programme delivery, and sustainable development.
Al Saleh said, “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.”
Lootah stated, “We are committed to actively supporting the implementation of the Dubai Cashless Strategy by advancing the digital economy ecosystem and strengthening the competitiveness of Dubai’s fintech sector. This aligns with our ongoing efforts to accelerate digital transformation across all business sectors, particularly financial services.”