Partnership backs Dubai’s Cashless Initiative through secure cryptocurrency transactions
Dubai Finance (DOF) has entered into a Memorandum of Understanding (MoU) with Crypto.com, a leading cryptocurrency trading platform known worldwide, to facilitate the payment of government service fees via cryptocurrencies. This initiative represents a crucial advancement in the realm of digital finance on an international scale. The agreement was signed in the presence of notable officials, including His Excellency Abdulla Mohammed Al Basti, Secretary General of The Executive Council of Dubai, and His Excellency Abdulrahman Saleh Al Saleh, Director General of DOF. The formalization included Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Mohammed Al Hakim, President of Crypto.com UAE, which operates under the auspices of Dubai’s Virtual Assets Regulatory Authority (VARA). The signing occurred alongside the Dubai FinTech Summit, hosted at the Dubai International Financial Centre, marking a pivotal moment in enhancing Dubai’s digital finance ecosystem.
Move reinforces Dubai’s status as a global financial innovation center
This partnership is aligned with the Dubai Cashless Strategy, aimed at fostering secure, efficient, and inclusive financial transactions through the use of cryptocurrencies. It also supports Dubai’s ambition to transition into a fully digital, cashless society. The initiative empowers the Government of Dubai to launch a new digital payment channel across its official services, enabling secure and seamless payments for government services utilizing stable cryptocurrencies. This development further solidifies Dubai’s role as a leader in financial innovation on the global stage.
Signing event coincides with Dubai FinTech Summit participation
His Excellency Abdulla Mohammed Al Basti remarked that integrating secure cryptocurrency solutions into the Government of Dubai’s payment framework exemplifies a forward-thinking strategy that anticipates future demands while responding to global economic trends. He emphasized Dubai’s commitment to advancing through collaborative efforts across various government sectors, aiming to exceed the expectations of residents, businesses, and the broader community. As a frontrunner in digital transformation, the emirate is enhancing its position by adopting the latest secure financial technology, promoting a cashless strategy, simplifying government transactions, and encouraging financial service innovation. Al Basti expressed gratitude to the Department of Finance for fostering new global partnerships that align with the Dubai Economic Agenda D33, reinforcing Dubai’s reputation as an innovation hub.
Dubai Finance emphasizes commitment to digital payment evolution
His Excellency Abdulrahman Saleh Al Saleh highlighted the pride in Dubai Finance’s role in driving the Dubai Cashless Strategy and shaping a unique digital financial future. He noted that the MoU with Crypto.com is vital for accelerating the strategy’s goals, supporting the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to elevate Dubai’s status in digital payments. Al Saleh reaffirmed the commitment to collaborate with various partners to enhance the digital payment landscape and innovate solutions that cater to the rapidly changing digital economy.
Crypto.com expresses enthusiasm for supporting Dubai’s cashless vision
Eric Anziani, President and COO of Crypto.com, praised the Government of Dubai for its visionary approach toward a cashless society. He expressed pride in being chosen to assist the Department of Finance in the initiative, which will implement a comprehensive digital payment system across government channels. Anziani conveyed excitement about contributing to this transformative effort and acknowledged the remarkable foresight of Dubai’s leadership in fostering economic growth through such ambitious programs.
Dubai Finance reiterates commitment to innovative financial technologies
Ahmad Ali Meftah reaffirmed Dubai Finance’s dedication to adopting cutting-edge financial technologies, emphasizing the emirate’s goal of becoming a global epicenter for digital payments. He stressed the importance of public-private collaboration in facilitating this transformation and highlighted ongoing efforts to establish a robust regulatory framework that encourages innovation while maintaining high standards of security and efficiency in digital transactions. This commitment aims to build customer confidence in Dubai Government services and unlock new avenues for economic expansion.
Significant strides toward integrating digital finance into government payments
Mohammed Al Hakim remarked that the recent announcement signifies considerable progress in embracing digital finance through comprehensive integration in government payment systems. As part of the ambitious D33 agenda, it is an honor to collaborate with Dubai Finance on this groundbreaking initiative, which is set to advance Dubai’s economic growth through the Cashless Strategy, paving the way for sustainable economic diversification.
Dubai Cashless Strategy targets 90% cashless transactions by 2026
Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, outlined the Dubai Cashless Strategy’s objective to position the emirate among the top global digital cities, aiming for over 90% of financial transactions in both public and private sectors to occur through cashless means by 2026. The agreement with a prominent cryptocurrency platform marks a landmark initiative, allowing users to pay all government fees using digital currencies—an unprecedented development in the global financial landscape. Lootah expressed confidence that this milestone will significantly expedite the progress of the Dubai Cashless Strategy.
Expected economic boost from the Dubai Cashless Strategy
The Dubai Cashless Strategy is projected to stimulate economic growth by contributing at least AED8 billion annually, driven by a variety of innovative financial technology services and the rapid expansion of Dubai’s fintech industry. Once the necessary technical arrangements are finalized, both individuals and businesses interacting with government entities will be able to seamlessly settle service fees through Crypto.com’s digital wallets. The platform will securely convert these payments into Emirati dirhams, ensuring an efficient, secure, and innovative payment framework.
