Dubai Finance (DOF) and the Dubai International Financial Centre (DIFC) have formalized their collaboration by signing a Memorandum of Understanding (MoU) aimed at advancing the Dubai Cashless Strategy.
This agreement, WAM reported, centers on the strategy’s three essential pillars: Governance, Innovation, and Society, while enhancing the exchange of information and expertise in financial digitalization. DIFC’s status as the premier regional financial innovation ecosystem, housing the largest concentration of fintech companies and global financial institutions, establishes it as a crucial partner in this initiative.
The MoU signing ceremony took place in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Supreme Fiscal Committee. It was officiated by Abdulrahman Saleh Al Saleh, director-general of DOF, alongside Essa Kazim, governor of DIFC.
This significant event occurred during Dubai Finance’s participation in the Dubai FinTech Summit, held earlier this week at Madinat Jumeirah, marking a critical advancement in Dubai’s digital financial ecosystem.
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Abdulrahman Saleh Al Saleh remarked, “This agreement marks a significant milestone in advancing the Dubai Cashless Strategy and accelerating the shift towards a fully integrated digital financial future. 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. Through this partnership, we aim to expand government efforts to foster innovation in digital payments, creating a secure and adaptable financial ecosystem that meets the evolving needs of individuals and businesses while keeping pace with rapid economic transformations.”
Essa Kazim 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, embodying the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to transform Dubai into a global capital for the digital economy. This collaboration aims to enhance infrastructure and the digital ecosystem, contributing to the sustainable growth of financial innovation and supporting the future of the digital economy.”
Moreover, under the framework of this agreement, specialized workshops will be organized to empower stakeholders in adopting best practices that promote a cashless economy and expedite the transition toward a digital society reliant on cashless payments. Additionally, the collaboration will explore synergies with DIFC’s Innovation Hub, focusing on integrating AI-driven initiatives that add value for workers, tourists, and the broader community by facilitating the adoption of digital payment channels.
Furthermore, the agreement encompasses support for innovation programs and accelerators that contribute to the creation of advanced, accessible, and highly efficient digital financial solutions.
