Emirates Information Company – UAE Digital Financial system Council showcases nationwide efforts for world management in future financial system

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DUBAI, twenty fourth Might, 2023 (WAM) – Omar bin Sultan Al Olama, Minister of State for Synthetic Intelligence, Digital Financial system, and Distant Work Functions, reaffirmed the UAE authorities’s ongoing efforts, pushed by the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the imaginative and prescient of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. These efforts goal to determine a proactive and versatile method that strengthens the nation’s management within the digital financial system and fosters modern techniques.

In the course of the digital assembly of the UAE Digital Financial system Council, chaired by Al Olama, the committees offered their work throughout the nationwide initiatives to reinforce the nation’s world management sooner or later financial system.

Al Olama emphasised the necessity for a complete imaginative and prescient encompassing all fields, success components, and alternatives to spice up the digital financial system. This consists of sturdy digital infrastructure, blockchain-based digital transaction options, and e-commerce. Implementing this imaginative and prescient will create an built-in system that accelerates the expansion of the digital financial system sector.

The council reviewed the newest developments within the work of the Digital Financial system Tax Statistics committee, chaired by Younis Haji Al Khoori, Below-Secretary of the Ministry of Finance. The committee consists of members from the Division of Financial Improvement, the Federal Competitiveness and Statistics Centre, and the Dubai Division of Financial Improvement. Its aim is to broaden the adoption of digital applied sciences, join digital transactions, and gather information on the digital financial system, enabling data-driven techniques.

The e-commerce committee, chaired by Abdullah Al Saleh, Below-Secretary of the Ministry of Financial system, mentioned the newest updates on offering alternatives for startups and attracting world firms to the UAE by the implementation of recent commerce legislation utilizing technological means. The committee concerned related entities resembling Telecommunications and Digital Authorities Regulatory Authority (TDRA) and the financial improvement departments within the UAE. Their goal is to make the UAE a worldwide hub for the digital financial system and improve the competitiveness and proactive improvement of e-commerce legal guidelines within the nation.

Moreover, the committee mentioned the present world state of affairs within the discipline of e-commerce, noting the worldwide improve in e-commerce gross sales from US$4.28 trillion in 2020 to US$5.4 trillion final yr. The committee emphasised the significance of showcasing success tales on this discipline and enhancing the expansion potential in e-commerce, which incorporates the event of digital cost techniques, elevated demand for digital providers, and digitisation of presidency providers to solidify the UAE’s place in e-commerce.

The technological infrastructure and blockchain Committee, chaired by Majed Sultan Al Mesmar, Director-Normal of the Telecommunications and Digital Authorities Regulatory Authority (TDRA), mentioned developments in activating and supporting the adoption of rising applied sciences within the UAE in precedence sectors, engaged on constructing supportive insurance policies and introducing blockchain applied sciences, the Web of issues and Generative AI together with ChatGPT in varied initiatives, in strengthening the digital pockets system and rising the inclusiveness of digital ID for the varied segments of society.

The Monetary Expertise Committee, chaired by Saif Al Dhaheri, Assistant Governor within the Central Financial institution of the UAE (CBUAE), showcased the committee’s initiatives, which included “know your buyer” mechanisms, monetary know-how providers licences, prompt funds platform (IPP), native card system, and digital foreign money.

The Digital Financial system Statistics Committee touched on the digital financial system methodology, which is being up to date in cooperation with members of the Council and native authorities within the nation, along with its worldwide adoption by worldwide organisations.

The assembly was attended by council members: Abdullah Al Saleh, Below-Secretary of the Ministry of Financial system; Majed Sultan Al Mesmar, Director-Normal of the TDRA; Saif Al Dhaheri, Assistant Governor at CBUAE; Sameh Abdulla Al Qubaisi, Director-Normal of Financial Affairs at ADDED; Helal Saeed Al Marri, Director-Normal of Dubai’s Division of Financial system and Tourism; and Hanan Ahli, Deputy Director of the Federal Competitiveness and Statistics Centre.



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