Dubai Advances Cashless Economy with Strategic Financial Alliance
Dubai's Department of Finance and the Dubai International Financial Centre have formalised a partnership to accelerate the emirate's transition to a cashless economy. The agreement, signed in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee, underscores the shared commitment to the Dubai Cashless Strategy, which aims for 90% of all transactions to be digital by 2026.
The Memorandum of Understanding was signed by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Essa Kazim, Governor of DIFC. The collaboration focuses on three core pillars: Governance, Innovation, and Society, with an emphasis on enhancing the exchange of information and expertise in financial digitalisation.
Essa Kazim highlighted DIFC's role as a regional leader in financial innovation, stating that the centre's ecosystem is well-positioned to support the strategy's objectives. DIFC hosts the largest concentration of fintech companies and global financial institutions in the region, providing a robust platform for implementing digital payment solutions.
The Dubai Cashless Strategy, launched by Digital Dubai, is aligned with the Dubai Economic Agenda and aims to bolster secure digital payment solutions across both government and private sectors. The initiative is expected to contribute over AED 8 billion annually to the economy through fintech innovation.
Abdulrahman Saleh Al Saleh noted that 97% of Dubai government transactions were digital in 2023, reflecting the emirate's advanced financial ecosystem. He emphasised that the strategy aligns with the vision of enhancing Dubai's global business position.
The partnership between DOF and DIFC is part of a broader effort to position Dubai as a global hub for digital finance. DIFC has been actively involved in initiatives such as the Sustainable Finance Catalyst, which aims to scale sustainable finance flows from Dubai to USD 100 billion by 2030. The catalyst is supported by an AI-driven sustainability knowledge hub and seeks to train one million future sustainability leaders.
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