Dubai Finance (DOF) and the Dubai International Financial Centre (DIFC) have signed a significant Memorandum of Understanding (MoU) aimed at advancing the implementation of the Dubai Cashless Strategy. The collaboration is set to accelerate Dubai’s transition towards a fully digital and cashless financial ecosystem by focusing on governance, innovation, and societal impact.
The signing ceremony took place during the Dubai FinTech Summit at Madinat Jumeirah, in the presence of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee. The agreement was officially signed by His Excellency Abdulrahman Saleh Al Saleh, Director General of DOF, and His Excellency Essa Kazim, Governor of DIFC.
Driving Innovation and Governance in Dubai’s Cashless Vision
The MoU emphasises strengthening the exchange of knowledge, expertise, and resources between Dubai Finance and DIFC. This partnership aims to bolster Dubai’s position as a global financial hub through robust governance and cutting-edge innovation. DIFC, home to the region’s largest concentration of fintech firms and global financial institutions, is positioned as a key enabler of this vision.
Abdulrahman Saleh Al Saleh said, “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.”
He added, “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.”
Enhancing Dubai’s Digital Financial Ecosystem
Essa Kazim highlighted the strategic role of DIFC, stating, “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 to transform Dubai into a global capital for the digital economy.”
He continued, “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.”
Collaboration Focus and Future Steps
As part of the agreement, both parties will organise specialised workshops to empower stakeholders with best practices for implementing cashless payment systems. The partnership will also explore AI-driven initiatives through DIFC’s Innovation Hub, targeting the needs of workers, tourists, and the wider community to facilitate the adoption of digital payment channels.
Additionally, the MoU includes support for innovation programmes and accelerators that foster the development of advanced, accessible, and highly efficient digital financial solutions, accelerating Dubai’s transformation into a cashless society.
