Dubai: Dubai Chamber of Digital Economy, one of the three chambers under Dubai Chambers, has signed a Memorandum of Understanding with Dubai Finance (DOF) to reinforce cooperation in advancing the Dubai Cashless Strategy. The agreement prioritizes governance, innovation, and transitioning towards a cashless society.
According to Emirates News Agency, 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. The signing was conducted 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 agreement promotes enhanced collaboration in areas such as exchanging knowledge and experience in cashless transformation for businesses, sharing pertinent data and analysis, and monitoring cashless initiatives in the financial sector. It also includes joint efforts to leverage fintech solutions in support of a cashless society, aligning with the Dubai Cashless Strategy's objectives.
Under the MoU, the parties will explore launching awareness campaigns and capacity-building initiatives to foster trust in digital solutions and nurture local talent in business sectors. Joint working groups will be formed to support innovation and cashless transformation, aiming to develop initiatives that expedite the shift to a cashless society.
Additionally, the cooperation extends to raising awareness about digital payment benefits, promoting the use of digital applications by government agencies, and enhancing training to utilize digital payment tools effectively. The parties will also coordinate on joint projects focused on awareness, effective programme delivery, and sustainable development.
Al Saleh remarked, "This MoU with the Dubai Chamber of Digital Economy is a significant step in unifying efforts and strengthening government partnerships to achieve the Dubai Cashless Strategy's objectives." Lootah added, "We are dedicated to supporting the strategy by advancing the digital economy and enhancing Dubai's fintech competitiveness, aligning with our digital transformation goals in financial services."