UAE Ministry of Finance (MoF) has signed a memorandum of understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE) to transfer the Ministry’s eDirham payment platform to the Central Bank, integrating the Federal Government’s digital payment systems.
The MoU is part of a larger effort by government bodies to improve service standards and deliver new and innovative electronic payment solutions in order to stay up with the financial service sector’s digital transformation.
The agreement was signed by Mr. Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and Mr. Khalid Mohamed Balama, Governor of the CBUAE.
Further, the MoU intends to provide a method for transferring all assets, systems, and activities related to eDirham payments, enabling the public and private sectors to benefit from innovative national services.
Mohamed bin Hadi Al Hussaini Minister of State for Financial Affairs UAE
“The 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.”
“The 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,” Mr. Balama added.
Recently, CBUAE established a new CBUAE Networking and Cyber Security Operations Center to improve the protection and security of the country’s essential financial infrastructure from cyberattacks.
