The Ministry of Finance (MoF) and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) to transfer the Ministry’s e-Dirham payment platform to the Central Bank, unifying the Federal Government’s digital payment systems.
The MoU falls within the efforts to enhance service standards provided by government entities, and to provide new and advanced electronic payment solutions to keep pace with the digital transformation in the financial services sector,
The MoU, signed by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and Khalid Mohamed Balama, Governor of the CBUAE, aims to provide a mechanism to transfer all assets, systems and operations relating to e-Dirham payments, providing innovative national services to the public and business sectors.
Al Hussaini said: “Enhanced co-operation and unified efforts in the area of digital payments would increase efficiency and provide unprecedented access for the business sector and digital payments. It would also provide domestic and international investment opportunities in an advanced digital economy and facilitate the development of innovative payment solutions, for dealing with the retail and government sectors through smart digital solutions.”
Balama said: “Co-operation between the two parties will contribute to strengthening digital payment services in the country, and support efforts made in the context of the great development the UAE is witnessing in the area of enhancing digital services to businesses and individuals, and improving quality of life.”
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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