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
QNBK 159.90 680,113
SABIC 120.95 3,536,401
DIB 4.78 2,112,703
WALAA 30.97 70,926
SOROUH 0.00 0
PETRORABIGH 25.54 3,097,226
KFIN 501.00 8,026,199
Saudi Arabia ranks 39th among world’s most competitive economies

24/05/2018

The 30th edition of the IMD World Competitiveness Yearbook, saw a slight decrease in the ranking of the Kingdom of Saudi Arabia, moving down three places, and landing on 39th.

Despite expe

Saudi Gazette

Brighter Saudi economic outlook boosted by reforms, says IMF

24/05/2018

Saudi Arabia’s “ambitious” reform program is set to accelerate the Kingdom’s economic growth this year, according to the International Monetary Fund (IMF).

Following discussions with Saudi

Arab News

Real estate deals in Oman rise by 4.2% in April

24/05/2018

Recovery continues on the real estate market in the Sultanate with sales showing a robust growth in the first four months of 2018, compared to the same period of last year.

Reflecting the

Times of Oman

Qatar ranked fifth in economic performance

24/05/2018

According to the World Competitiveness Yearbook 2018, which it is annually published by the International Institute for Management Development (IMD), Qatar ranked highly in the report, included: econ

The Peninsula

UAE banking sector remains resilient: CB

24/05/2018

The Central Bank of the UAE (CBUAE), on Wednesday published the Financial Stability Report for the year 2017. The report provides information on the strengths and vulnerabilities of the UAE financial

The Gulf Today