PHOTO
Dubai: The Ministry of Finance (MoF) reviewed the future strategic development plan for the transformation of the eDirham system, during its recent meeting with senior local and federal government officials. The meeting was attended by HE Younis Haji Al Khoori, Undersecretary at MoF; HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF, the upper management from the ministry as well as other stakeholders in the eDirham system from local and federal entities.
During the meeting, the development stages of the eDirham system since the launch of its first generation in 2001 were reviewed, while the strategic plan was assessed to ensure the sustainability of the system and its scheduled implementation in 2020. With the system, the ministry aims to provide the best technological solutions and applications to its customers.
The future strategic plan for the eDirham system includes the development of digital payment mechanisms in the country, which will be supported by all national and functioning banks in the UAE. This is in line with the national agenda’s objectives around the digital economy of business models and competitiveness.
By launching the strategic plan for future transformation, the ministry is seeking to establish a national identity brand to develop national payments and strengthen the UAE's position as a world leader in payments. The new payment system will contribute towards protecting the country's financial system and ensuring the sustainability of financial flows for fee and service revenues of the federal government efficiently and effectively, consequently enhancing user experience and ensuring customer satisfaction.
HE Younis Haji Al Khoori reiterated the ministry’s commitment to develop and consolidate regulations in the UAE, as well as the collection of revenues at federal and local level through optimal methods and digital solutions, in adherence with UAE Vision 2021. HEalso stressed ministry’s goal to improve the effectiveness of the financial systems for national payments in line with other government services.
HE Khalid Ali Al Bustani, Director General of the Federal Tax Authority (FTA), said that the authority is constantly seeking to adopt innovative and advanced digital solutions to constantly enhance the quality of its services. The transformation strategy of the new E-dirham system, which was presented by MoF during the meeting, represents an important step towards developing a common platform, which contributes to the development and consolidation of the payment systems and revenue collection work of the federal authorities. This is in accordance with the highest standards of governance to ensure the greatest possible degree of protection for customer transactions.
HE Nadia Musallam Al Naqbi, Assistant Undersecretary of the Support Services Sector of the Ministry of Infrastructure Development, affirmed the ministry's keenness to cooperate with MoF to consolidate and develop the digital payment system in the country to achieve added value and enhance the quality of customer service. She added that the new digital platform will bolster partnership with the private sector, increase interoperability between federal and local governments and aid the implementation of the highest standards of governance as outlined in the UAE Vision 2021.
In October, a meeting with senior leaders of more than 22 banks in the UAE was held to discuss and review the digital transformation of the E-dirham system. The integrated digital platform, a key point of discussion at the meeting, will enable customers to complete transactions effortlessly with the highest level of privacy and security.
-Ends-
Mira Assaf
Manager, Client Experience
T +9712 449 4457 ext 5862
M +971 50 3123518
Emassaf@webershandwick.com
www.webershandwickmena.com
www.webershandwickemea.com
Weber Shandwick MENA,
2nd floor, Building 3, Twofour54,
PO Box 77943,
Abu Dhabi, UAE
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
