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Dubai Finance, DIFC sign strategic partnership to support Dubai Cashless Strategy

Dubai Finance (DOF) and the Dubai International Financial Centre (DIFC) have signed a Memorandum of Understanding (MoU) to support the implementation of the Dubai Cashless Strategy.

The agreement focuses on the strategy’s three core pillars: Governance, Innovation, and Society, while strengthening the exchange of information and expertise in financial digitalisation. DIFC’s standing as the leading regional financial innovation ecosystem, which is home to the largest concentration of fintech companies and global financial institutions, positions it as a key partner in this initiative.

The MoU signing ceremony, held in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee, was officiated by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Essa Kazim, Governor of DIFC.

The signing took place during Dubai Finance’s participation in the Dubai FinTech Summit held earlier this week in Madinat Jumeirah, marking a pivotal step towards advancing Dubai’s digital financial ecosystem.

Abdulrahman Saleh Al Saleh stated, “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 stated, “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.”

Under the agreement, specialised workshops will be organised to empower stakeholders in implementing best practices that support a cashless economy and accelerate the transition towards a digital society reliant on cashless payments. The collaboration will also explore opportunities with DIFC’s Innovation Hub, aiming to integrate AI-driven initiatives that add value to workers, tourists, and the broader community by facilitating the adoption of digital payment channels.

Additionally, the agreement includes support for innovation programmes and accelerators that contribute to the development of advanced, accessible, and highly efficient digital financial solutions.