Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre (DIFC) to support the implementation of the Dubai Cashless Strategy.
The agreement centers on three core pillars of the strategy: Governance, Innovation, and Society, while enhancing the exchange of information and expertise in financial digitalization.
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 Dubai Finance-DIFC MoU signing ceremony, held in the presence of HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee, was officiated by Abdulrahman Saleh Al Saleh, Director-General of Dubai Finance, and Essa Kazim, Governor of DIFC.
HE Abdulrahman Saleh Al Saleh Director General – DOF
“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 that, “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,” Kazim further added.
Under the agreement, specialized workshops will be organized 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 Dubai Finance-DIFC 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 programs and accelerators that contribute to the development of advanced, accessible, and highly efficient digital financial solutions.
