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Ministry of Finance preparing to launch new integrated payment system for UAE by 2020


 09/12/2018


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. ​​