Dubai's Finance Department and General Directorate of Residency and Foreigners Affairs (GDRFA) have sealed a deal to promote digital payment methods.
Dubai Finance Department and GDRFA Dubai Partner to Boost Digital Payments
In a significant move towards achieving its economic goals, the Dubai Finance Department and the General Directorate of Identity and Foreigners Affairs (GDRFA Dubai) have signed a Memorandum of Understanding (MoU). This partnership is part of Dubai's overall strategy to become a global leader in smart and sustainable economic development.
The MoU focuses on developing digital infrastructure, adopting financial technologies, and launching public awareness campaigns to boost confidence in cashless solutions. Amina Mohammed Lootah, Director of Digital Payment Systems Regulation in Dubai, stated that this strategy could add at least AED 8 billion annually to Dubai's economy through fintech growth.
Lieutenant General Mohammed Ahmed Al Marri, Director General of GDRFA Dubai, emphasized a human-centric approach to the agreement, stating that digital payments simplify daily life and strengthen Dubai's global standing in innovation and readiness. Abdulrahman Saleh Al Saleh, Director General of the Dubai Finance Department, added that the partnership reflects the government's commitment to creating an advanced, secure payment environment.
The partnership is aligned with the Dubai Economic Agenda D33 and supports a strategy launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum last October. This strategy targets 90 percent of all financial transactions through digital channels and full digital enablement across Dubai by the end of 2026.
The agreement is a step toward Dubai's "Cashless Dubai" vision. It includes efforts to share expertise in the development of digital infrastructure and adoption of financial technologies. The partnership aims to reinforce Dubai's ambition to rank among the world's top five cities in digital payment adoption.
The initiative also includes launching public awareness campaigns to boost confidence in cashless solutions. This is crucial as the partnership seeks to expand digital payment channels, strengthen secure transactions, and accelerate Dubai's shift to a fully digital economy.
This partnership reaffirms Dubai's status as a global leader in smart and sustainable economic development. It is an example of institutional collaboration driving the emirate's economic goals and contributes significantly to Dubai's economic growth through fintech advancements.
%20have%20sealed%20a%20deal%20to%20promote%20digital%20payment%20methods.){kind=link}