Dubai Advances Cashless Strategy, Strengthens Digital Payment Cooperation

       According to a report by the WAM on January 6th, the Dubai Department of Finance and the Dubai Free Zones Council signed a memorandum of understanding to promote digital payment cooperation in Dubai's free zones and support the "Dubai Cashless Strategy". His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council and Chairman of Dubai Aviation, attended the signing ceremony.

       Under the agreement, the two parties will cooperate in cashless transformation experience, data analysis, and fintech applications to accelerate the transition of government and free zone enterprises to a digital transaction ecosystem. The Dubai Department of Finance stated that this cooperation will help unify the actions of government departments, improve the efficiency of financial transactions, and enhance the digital readiness of the public and private sectors. The agreement also includes raising public awareness and capacity building, establishing a special working group, and promoting digital payment tools.

       Relevant measures will help achieve the goal of making 90% of transactions in the public and private sectors cashless and 100% of institutions digital by the end of 2026, aligning with the "Dubai Economic Agenda D33" and further consolidating Dubai's position as a global hub for the digital economy and smart cities. (Economic and Commercial Office of the Consulate-General in Dubai)