Ministry Of Finance To Launch UAE Integrated Payment System By 2020

DUBAI, (UrduPoint / Pakistan Point News / WAM - 09th Dec, 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 Younis Haji Al Khoori, Under-Secretary at MoF, Saeed Rashid Al Yateem, Assistant Under-Secretary 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 its launch in 2001, were reviewed, while the strategic plan was evaluated 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 operating banks in the UAE. This is in line with the national agenda’s objectives for the digital economy, and their 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 experiences and ensuring customer satisfaction.

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 levels through optimal methods and digital solutions, in keeping with UAE Vision 2021. He also stressed the ministry’s goal to improve the effectiveness of the financial systems for national payments, in line with other government services.

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 eDirham 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.