- Dubai Finance partners with Crypto.com to enable crypto payments for government services.
- The partnership backs Dubai’s Cashless Strategy to transition the city to a cashless society.
- The MoU will allow seamless payments using stable cryptocurrencies for government services.
Dubai Finance has teamed up with Crypto.com to support crypto payments to the government. This agreement is a great step in Dubai’s digital finance world. The Memorandum of Understanding (MoU) was signed at the Dubai FinTech Summit, where senior officials from both parties were present.
The partnership will support Dubai’s Cashless Strategy, aimed at transforming the city into a completely cashless society. As part of this initiative, residents will soon be able to pay for government services using stable cryptocurrencies, ensuring faster and more convenient transactions.
His Excellency Abdulla Mohammed Al Basti, the Secretary General of the Executive Council of Dubai, described this move as a proactive measure. He emphasized Dubai’s vision to lead in digital transformation by anticipating the evolving needs of the financial sector. The initiative aims to streamline government transactions and reinforce Dubai’s position as a global hub for financial innovation.
His Excellency Abdulrahman Saleh Al Saleh, Director General of Dubai Finance, also praised the partnership. He stated that the MoU aligns with Dubai’s broader goal to enhance its standing in global digital payments. The partnership will play a crucial role in advancing Dubai’s financial sector and driving its digital economy forward.
Eric Anziani, President and COO of Crypto.com, expressed pride in supporting Dubai’s vision for a cashless society. He recognized the exceptional leadership of Dubai in shaping economic growth through innovative digital finance solutions. Crypto.com will contribute by enabling a government-wide implementation of digital payments using cryptocurrencies.
The Executive Director of Central Accounts Sector at Dubai Finance, Ahmad Ali Meftah, stressed the role of cooperation between the public and private sectors. This partnership intends to create a safe, efficient payment system that meets the highest security standards. Meftah emphasised that this move would create new opportunities for economic growth.
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The MoU is among Dubai Cashless Strategy’s efforts to ensure that at least 90% of all financial transactions in Dubai are carried out digitally by the year 2026. This change will likely create a lot of economic growth and grow Dubai’s fintech industry. Once the technical requirements are catered for, users can use Crypto.com digital wallets to make government payments.
