The Government of Dubai’s Department of Finance (DoF) has signed a Memorandum of Understanding (MoU) with American multinational financial services company Visa to support the digital growth agendas of the emirate.
According to the MoU, Visa and DoF will collaborate on digitizing Dubai Government’s payments through a variety of commercial products and partnerships, as well as providing support to the Dubai Cashless program.
The MoU, which was signed during GITEX Technology Week, will pave the way for a collaboration to establish a long-term strategic partnership between DoF and Visa.
According to the statement, “Visa will extend its support to DOF in accelerating the digitization of their customers’ journey through strong capabilities including Visa Tokenization service, APIs and contactless technology, among other smart financial services.”
“The governments of the UAE and Dubai have always been very progressive and have recognized the importance of cashless payments and the benefits that come with it, whether it is in terms of fueling digital commerce growth or supporting economic growth. The Government of Dubai was making already steady progress towards becoming a cashless economy even before the pandemic. Digitizing government payments is as important as it is to digitize the consumer environment. As a trusted engine of commerce, Visa is committed to supporting the ecosystem and we are very proud to be working even more closely with the Department of Finance in realizing this important goal.”
“This partnership represents a strong testimony of DOF’s and Visa’s commitment towards serving the regional financial ecosystem and paving the way for the growth of digital payments. DOF is keen on the continuation of its digital transformation journey with partners like Visa, which is one of the global payments and technology companies,” said Mr. Jamal Hamed Al Marri, Executive Director for Central Accounts Sector at DoF.