The Government of Dubai’s Department of Finance (DoF) and Visa, announced today the signing of a Memorandum of Understanding (MoU). Signed in ceremony held during GITEX Technology Week at the Digital Dubai pavilion, the agreement will reinforce the collective objectives of both organisations to support the emirate of Dubai’s digital growth agenda.
The MoU was signed by Jamal Hamed Al Marri, DOF’s Executive Director for Central Accounts Sector, and Dr. Saeeda Jaffar, Group Country Manager for GCC, Visa. Officials from both sides attended the signing ceremony.
Under the terms of this MoU, Visa and DOF shall cooperate on digitisation of the Government of Dubai’s payments through a range of commercial products and partnerships, as well as extending support to Dubai Cashless initiative. Visa will also share data insight capabilities at emirate, country, regional and global levels in order to supplement existing data sources with the aim to support policymaking at sectoral and macro-economic level.
The signed MoU will pave the way for a collaboration to establish a long-term strategic partnership between DOF and Visa. The latter will extend its support to DOF in accelerating the digitisation of their customers’ journey through strong capabilities including Visa Tokenisation service, APIs and contactless technology, among other smart financial services. Visa will also help DOF in building modular, secured and integrated digital payment platform through a single integration to multiple acquirers, acceptance methods and DOF divisions, enabling the latest digital payments trends such as Network Tokens, 3D EMV, Pays, Intelligent fraud management.
"This partnership represents a strong testimony of DOF’s and Visa commitment towards serving the regional financial ecosystem and paving the way the growth of digital payments," said Al Marri. "DOF is keen on the continuation of its digital transformation journey with partners like Visa, who are one of the global payments and technology companies."
Dr. Jaffar expressed her pleasure on the MOU and commented, "The governments of the UAE and Dubai has always been very progressive and has recognised 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 were making already steady progress towards becoming a cashless economy even before the pandemic. Digitising government payments is as important as it is to digitise 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 realising this important goal."
