MoF Completes Phase One Of The E-Dirham System Transformation
DUBAI, (UrduPoint / Pakistan Point News / WAM - 13th Jul, 2020) The Ministry of Finance, MoF, announced the completion of phase one of the transformation of the e-Dirham system, in cooperation with relevant ministries and national banks across the UAE. The move reiterates MoF’s efforts to bolster e-Dirham in accordance with the highest international standards for Fintech and digital payments for government services fees. The e-Dirham system provides multiple banking services to issue bank cards and digital payment and acquisition solutions for clearing and financial settlements.
The first phase of the transformation of the e-Dirham system included the Ministry of Economy, the Ministry of Energy and Industry, and several national banks. Expansion is underway to include additional Federal government entities and national banks.
Younis Haji Al Khoori, Undersecretary of MoF, reiterated the importance of completing the first phase of the e-Dirham system, as well as its role in strengthening the partnership between the public and private sectors, through cooperation with national banks. The new payment method ensures financial flow for federal government service fees and financial settlements are flexible and sustainable, in accordance with the UAE Vision 2021.
He said: "The Ministry of Finance has taken several steps to support the transition to a digital economy, of which e-Dirham is one of its biggest achievements. We will continue to improve the system and enhance digital payment options, in a manner that improves customer satisfaction, and enables them to transact easily and securely."
Engineer Mohammed Al Shehhi, Undersecretary of Economic Affairs in the Ministry of Economy, said that implementing the first phase of the future transformation of the e-Dirham system is key to improving the services of the federal government in the UAE. This system represents global best practices in Fintech and digital payments. It is also a major contributors to the digital transformation in the country. This in turn will enhance the UAE’s standing regionally and globally in the areas of smart governance, as well as a strong knowledge-based, digital economy. All of the aforementioned are in line with the wise leadership’s directives and the objectives of the UAE Vision 2021.
He mentioned that the Ministry of Economy was one of the first federal entities to apply the new e-Dirham system, which facilitated customer experience and enhanced the ministry’s services.
Al Shehhi said that the step will bolster the national knowledge database, which will serve the UAE’s efforts in economic planning, public financial management, financial and statistical analyses, and digital business models.
It will also create new skills nation-wide in management, digital financial governance, standards of information security systems and database protection - all of which are critical to achieving the long-term goals of the UAE Centennial 2071.
Engineer Sharif Salim Al Olama, the Undersecretary of the Ministry of Energy and Industry, MOEI, said: "We are pleased at the MOEI to use the third-generation of the e-Dirham in order to facilitate procedures of collecting fees of industrial, geological and dam-related services. E-Dirham is an innovative, secure and effective system that enables sustainable development."
Dr. Bernd van Linder, CEO of the Commercial Bank of Dubai, CBD, said: "We are pleased to cooperate with the Ministry of Finance to provide the new 3g e-Dirham cards. At CBD, we are committed to supporting all government initiatives, as they are necessary to advance the aspirations of the UAE, in line with our wise leadership’s directives. This initiative is also in line with our vision to become a fully digital bank."
Hana Al Rostamani, Deputy CEO and Group Head of Personal Banking at the First Abu Dhabi Bank, FAB, said: "Switching to non-contact financial transactions today is crucial nowadays, in light of our focus on using the latest digital solutions. We are pleased with the strategic partnership that brings us together with the Ministry of Finance, which will allow us to provide additional benefits to our customers. This partnership is also in line with our vision to embrace digital solutions as a fundamental component to enhance our growth and efficiency, along with our partners in the government sector. We will continue to provide secure and sophisticated payment solutions and services to our customers."
Haytham Elmaayergi, Global Head of Transaction Banking at Abu Dhabi Islamic Bank, ADIB, said: "We are proud to partner with the Ministry of Finance to issue the new e-Dirham e-cards - they are efficient and reliable. ADIB is committed to supporting the digital economy in the UAE, thus raising its competitiveness. We will launch the e-Dirham card, to meet the needs of individuals and corporate users."
By accelerating the transformation of the e-Dirham, MoF will enhance customer experience, while harmonising trade balance between relevant entities, thereby improving, providing and implementing solutions and digital payment tools. MoF also aims to refine government services, by creating national databases for planning, research, studies, analysis, financial and statistical forecasts, and rationalising the innovation of digital business models.