The Government of Dubai has formed the “Cashless Dubai Working Group” to create an action plan to shift all payment transactions in Dubai to secure and easy-to-use cashless platforms across sectors. The initiative brings together Smart Dubai, Dubai’s Department of Finance, DoF, the Supreme Legislation Committee, Dubai Economy, Dubai Police, Dubai Economic Security Centre, Dubai Chamber, and Dubai Tourism and Commerce Marketing to drive a secure and seamless transition towards a cashless society in the emirate.
The Group will launch a series of ambitious initiatives targeting all segments of the community to create the infrastructure and favourable conditions for the transition towards a cashless society. At its inaugural meeting, the Working Group launched the “Dubai Cashless Framework Report”, developed by Smart Dubai and the Dubai Department of Finance, DoF. The report is part of the Working Group’s efforts to support the emirate’s full digital transition and make Dubai the world’s smartest and happiest city, in line with the directives of the UAE’s leadership and the objectives of the UAE Centennial 2071 plan.
Abdulrahman Saleh Al Saleh, Director-General of Dubai’s DoF, affirmed the government’s keenness to promote the happiness and well-being of the residents and visitors of the emirate, based on the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
“This initiative, the first of its kind in the Middle East and North Africa region, reinforces Dubai’s leadership in the regional financial sector,” he said. “DoF plays a vital role in this planned strategic shift to a cashless Dubai by allocating the necessary budget for the project, providing consultations in financial affairs and coordinating with relevant financial authorities.”
Sami Al Qamzi, Director-General of Dubai Economy, commented, “The Government of Dubai is keen to accelerate the growth of the cashless economy as directed by the leadership and improve financial inclusion to enhance digital payments in the emirate, as it is one of the key pillars in Dubai’s smart transformation. Aligned with the leadership’s long-term vision, the initiative is critical to enhancing the efforts of various entities in the emirate to create a smart and safe economic environment.”
Al Qamzi added, “Our country ranks first globally in the Digital Connectivity Index of Euromonitor International, which places Dubai and the UAE in a good position to become one of the world’s leading cashless societies.”
Younus Al Nasser, Assistant Director-General of Smart Dubai, and CEO of the Dubai Data Establishment said, “The Cashless Framework Report is a landmark step in the journey towards becoming cashless. The Framework will act as a guide to the citywide adoption of smart payment methods that will ultimately make cash currency a part of history.”
“The Cashless Framework Report benchmarks four countries that have successfully led a full transition towards a cashless society. The Smart Dubai team working on the report used references from international studies to identify the benefits of transitioning towards a cashless society,” Al Nasser explained.
To design the framework and develop the report, Smart Dubai reviewed the global policy and regulatory references from all around the world, piecing together the most suitable governance structure necessary for the transition in the emirate.
It is well worth noting that the UAE Central Bank recently issued the Digital wallets, payments, and assets regulation.