27/09/2017 06:06 AST

Dubai Economy has achieved a milestone in its Accelerators initiative by establishing a partnership to facilitate financial transactions through contactless payment. The partnership brings Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Grp Ltd together under the Dubai Economy Accelerators umbrella to develop and implement emCash, an encrypted digital currency, which people can use to pay for various government and non-government services.

Founded on the latest block chain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments. emPay allows UAE residents to make varied payments, from their daily coffee and children’s school fee to utility charges and money transfers, through the near field communication (NFC) option in their phones. With emCash, emPay users will have the option of a secure digital currency, and merchants receive such payments in real time without going through intermediaries.

Object Tech has now signed a memorandum of understanding (MoU) with Dubai Economy under which it will work with Emcredit to develop and implement emCash. Ali Ibrahim, Deputy Director General of Dubai Economy, said emCash would give a financial identity to contactless transactions, reinforce Dubai as a competitive business destination, enhance customer happiness and accelerate Dubai’s evolution into a smart economy.

“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few. It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life. We are delighted to have Object Tech as our partner in this initiative and the Dubai Economy Accelerators programme. Obtaining approvals from other UAE authorities will be taken into consideration if required,” said Ibrahim.

Commenting on the partnership, Muna Al Qassab, CEO, Emcredit Limited, said it is aimed to create the right ecosystem for the deployment of a digital currency, which will be advantageous to the user, merchant and the overall economy alike.

“Customers can choose between two payment options on the emPay platform – the existing dirham payment or emCash. While the dirham payment goes through normal settlement procedures, intermediaries and costs, emCash payments are settled directly between the user and merchant. emCash thus gives real time value movement and merchants can pass the cost benefit to the emCash holder. It also reduces fraud as well as inflation since currency is issued in real time based on actual demand,” explained Al Qassab.


The Gulf Today

Ticker Price Volume
STC 80.00 582,963
SABIC 123.40 5,002,630
Oman’s foreign investment drive and privatisation plans to be analysed

20/08/2019

A new report by the global research and advisory firm Oxford Business Group (OBG) will map out the latest developments in Oman’s privatisation efforts and drive to attract investment for the non-oil

Times of Oman

55 road projects completed in KSA in H1 worth SR4.9bn

14/08/2018

The Saudi Transport Ministry announced that the number of road projects completed during the first half of 2018 has reached 55 projects, spanning 1,689 km with a total cost of 4.978 billion riyals. T

Saudi Gazette

Saudi Arabia’s non-oil private sector growth somewhat slow

14/08/2018

Saudi non-oil private sector growth fractionally slower in July, the June data from the Emirates NBD Purchasing Managers’ Index (PMI) for Saudi Arabia released Monday showed.

The survey, s

Saudi Gazette

Saudi Arabia’s market ‘incredibly exciting’ situation

14/08/2018

“Flyin had been very successful and it is a homegrown company started by Saudis. They built a great business that leveraged technology in India so they have a huge technology arm there. They leverage

Saudi Gazette

Oman-Pakistan economic relations strong, growing

14/08/2018

Pakistan’s top diplomatic representative to Oman has highlighted the strong and ever growing economic and political ties between the two nations.

Speaking on the occasion of Pakistan’s 71s

Times of Oman