Smart Dubai has hosted a roundtable for the Cashless Dubai Working Group along with stakeholders from the government and private sectors on February 8th, 2021, to explore ways to engage the private sector in the Cashless Dubai initiative and receive their feedback and official expressions of interest.
The Dubai Government had formed the Cashless Dubai Working Group back in November 2020, bringing Smart Dubai together with various Dubai Government entities to collaborate on setting an action plan to shift all payment transactions in Dubai to secure and easy-to-use cashless platforms across all sectors, as well as to produce a calculated roadmap for the planned transition towards a cashless society.
In its inaugural meeting, the Working Group launched the Dubai Cashless Framework Report, developed by Smart Dubai and the Dubai Department of Finance. The Report seeks to promote the use of smart payment platforms for all transactions and to phase out the use of physical cash.
The meeting was attended by the members of the Dubai Cashless Working Group, which includes The Executive Council, Dubai Department of Finance, Smart Dubai Department, Dubai Police, Supreme Legislation Committee, Dubai Economy, Dubai Economic Security Center, Dubai Chambers, Roads and Transport Authority and Dubai Tourism and Commerce Marketing, along with representatives from prominent private sector entities active in the cashless ecosystem.
His Excellency Sami Al Qamzi, Director General of Dubai Economy, said: “Dubai has positioned itself at the forefront of the transition to a cashless economy, having proactively embarked on a Smart City strategy and created a competitive fintech infrastructure. At Dubai Economy we are leveraging the unique features of Dubai as a connected business hub as well as our active engagement with the private sector to design innovative solutions that encourage our customers, partners and the public to go cashless. The response we have received from the private sector reassures us that the public-private partnership strategy Dubai has successfully pursued will remain a key driver of the emirate’s digital transformation and sustainable economic development.”
“Smart Dubai is the government entity entrusted with exploring emerging technologies, embedding them into new and advanced services, and remaining on top of major and impactful technological trends,” said His Excellency Younus Al Nasser, Assistant Director General of Smart Dubai and CEO of the Dubai Data Establishment. “Going cashless is among the most prominent of these trends, and we believe it is the way forward for businesses of the 21st century. And this is the objective driving the efforts of the Cashless Dubai Working Group, along with our partners from across the government spectrum.”
“Nevertheless, we strongly believe that the private sector is at the heart of Dubai’s successful transition towards a cashless society.,” H.E. Al Nasser added. “And with that in mind, we sought to convene this meeting and gather influential private companies to explore their appetite to join our effort in turning Dubai fully cashless, work to bridge any gaps preventing them from doing so, and listen to and address any feedback or concerns they may have.”
During the meeting the core tenets and objectives of the Working Group and the Cashless Dubai initiative was presented to the private sector. Select private entities then followed with a presentation of their own, showcasing products, services, and other offerings they have that are in alignment with the Cashless Dubai initiative.
Attendees were given the opportunity to state and discuss their feedback in an extended talk, following which they could use the meeting as a platform to express their interest in joining the Working Group’s effort to transform Dubai into a cashless society.
The Cashless Dubai Working Group is entrusted with a set of key objectives, chiefly, to produce a roadmap for Dubai’s transition towards a cashless society, launching initiatives that target all segments of the community, and building the necessary infrastructure and favourable conditions for reducing the use of cash.