Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Emirates Digital Wallet LLC in Final Development Stage Toward Establishment
 


Set for imminent launch, first-of-its-kind initiative will mark a major milestone in the UAE’s journey towards a cashless future

April 10, 2017 - Dubai UAE:
The UAE Banks Federation (UBF) has announced that the establishment of Emirates Digital Wallet LLC, a company owned by 16 shareholding banks and fully sponsored by UBF, has reached its final development stage. The launch of Emirates Digital Wallet, previously Mobile Wallet project, is set to introduce a society-wide cash transformation to digital, and mark a major milestone in the country’s push towards a cashless future.

Initiated by UBF in 2014, the first-of-its-kind initiative is fully supported by the country’s banking sector and will be regulated and supervised by the Central Bank of the UAE. The project has been developed and implemented under the aegis of UBF by a special committee representing the 16 partner banks that hold equity stakes in the entity. 

“Our objective, since the initiation of this project and subsequently moving from blueprint to implementation, is for banks to establish a dedicated entity and take direct responsibility for expediting the process of digital transformation in the UAE,” said H.E. Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation. “We are proud that this initiative, a true milestone for UBF and an essential building block of the UAE’s Smart Government initiative, is completing its pre-launch stage in coordination with the Central Bank of the UAE, we are eagerly looking ahead to the industry-wide implementation of this massive project in the months to come. We are very confident that the company will add a major boost to the country’s push towards a digital economy.”

“The significance is the entire banking sector of a country is joining forces to create a dedicated entity for the benefit of all citizens, residents and visitors. Adopting such an inclusive and representative approach towards building a digital payments ecosystem will ensure that the maximum number of people will be able to participate in and benefit from this breakthrough initiative,” H.E Al Ghurair added.

From his side, H.E Mubarak Rashed Al Mansoori, Governor of Central Bank of the UAE: commented: “We would like to commend the efforts of the UAE Banks Federation and all its member banks as well as the Central Bank of the UAE in successfully initiating and completing this remarkable project, that is set to benefit all players of the industry. As a step forward in the right direction, the successful development of this major initiative reflects the strength of the collaboration done between all parties on industry level, and their shared vision to drive the UAE’s cashless vision and digital evolution to all UAE citizens and expats, while also promoting greater financial inclusion.”

In launching a secure mobile phone app to replace traditional cash payments, Emirates Digital Wallet is offering consumers and businesses in the UAE an effective and convenient way to receive, store and transfer money, while setting the path for the country’s transition to a digital future.

“A key objective of Emirates Digital Wallet is to further work towards significantly increasing financial inclusion, and bring large segments of the unbanked population into the folds of banking services and mainstream development processes, as well as offering its services to tourists and visitors to the UAE” H.E. Al Ghurair concluded.

 


Posted by : Dubai PR Network Editorial Team
Viewed 6618 times
PR Category : Banking & Investments
Posted on : Monday, April 10, 2017  10:56:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : ADCB launches Travel Credit Card to offer unprecedented savi...
Next Story : Dunia Group Reports 6th Consecutive Year of Profit
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Fresh Hair in an Instant with SHOW Beauty [13609-Views]
Amadeo® Fleurier 39 “Fan” [11742-Views]
Mother's Day Gift Guide 2018 from The Little Birdy Group [10181-Views]
Show/Pop-up Event “Pret-A-Cover™ Buyers Lane” to Be Launched in Dubai From March 28th to A... [10169-Views]
Moreish Café in Dubai introduces a healthy Quinoa Burrito [9608-Views]
True Colours [9467-Views]
Robinsons Honored for Outstanding Store Design [9333-Views]
Splash receives 2 awards [8760-Views]
UAE Team Emirates' Mirza Takes Gold at Asian Cycling Championships [8503-Views]
Phenomenal development in falconry racing from small beginnings: HHC Deputy CEO [8485-Views]
WGS 2018: Opening Session Highlights Importance of Embracing Smart Living to Enhance Quali... [8363-Views]
RAK Hospital launches the biggest weight-loss challenge in association with MoHAP, RAK [7509-Views]
2XL launches Malmo Bed with floral designs for a vintage shabby chic inspired master bedro... [7161-Views]
Food Lovers Rejoice: Dubai Food Festival Is Back This Month [6814-Views]
Bridal Glow is Skin Deep: Tips for every bride-to-be in 2018 [6759-Views]
Mealtop, Introducing a Whole New Dessert Experience [6167-Views]
Optim-Eyes Lashes & Brows with Filorga [6070-Views]
Al Ahli Holding Group to redefine the UAE value shopping category through an AED 1.25 bill... [5850-Views]
NEZO launches new identity to guide consumers in selecting the best salt for their culinar... [5319-Views]
Safilo Group Reveals Its Spring/ Summer 2018 Collection [5307-Views]
WGS 2018: Governments Need to Prioritize Wellbeing of Citizens, Say International Experts [5264-Views]
Redefining the Skin Clinic Experience. #allnewkaya opens in Muscat City Centre! [5264-Views]
The new BMW HP4 RACE arrives at Abu Dhabi Motors – one of just 750 built [5228-Views]
The Robots Are Coming: Ministry of Finance Brings Artificial Intelligence to Dubai in a Bi... [5136-Views]
Leading Scientists, Astronauts Share Insights on why Space Exploration Matters at WGS 2018... [4984-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories