UAE MoF completes second phase of finance platform
Shared service deployed for 23 ministries and government entities
The UAE Ministry of Finance (MoF) has launched the second phase of the Federal Financial System.
The second phase marked the implementation and development of the federal financial system among all participating federal entities.
The the initial phase of the federal financial system was launched last February, in collaboration with 16 ministries and four federal independent bodies
The new federal financial system features a wide range of e-platforms which enable the Ministry to apply its expertise in financing federal entities, managing financial procedures, and monitoring the federal entities' budget spending in order to provide improved services. The system will also help federal entities to issue financial statements with the utmost efficiency and accuracy, and within the approved timeframe as per the law.
MoF incorporated a number of sub-systems into the second phase including the bidding and practices system, gateway systems suppliers and the procurement agreement and services system.
HE Younis Haji Al Khouri, Undersecretary of MoF, said: "MoF continues to maintain its leading position in financial management, providing the best services as per international practices and applying the latest financial systems at a federal government level. The launch of the second phase of the federal financial system constitutes a step further towards completing the foundations of the smart government initiative as it offers effective e-solutions to securely implement the ministries and independent federal bodies' financial operations.
"The main objective behind MoF's adoption of the new federal financial system is to support advanced financial practices which will in turn help to build a basis for the consolidation of financial statements at a federal government level."
The preparations to launch the second phase of the federal financial system began on March 19th and lasted for approximately six months. This included meeting all technical requirements across federal government entities who have joined the federal financial system, organising workshops and training sessions for 55 employees from 23 ministries and federal government entities on gateway suppliers, practices and tenders, procurement agreements and purchasing services.