Dubai signs deal to create digital currency emCash
Emcredit, a subsidiary of Dubai Economy, and UK-based Object Tech Group Ltd will work together on new technology
A partnership has been set up to develop and implement emCash, an encrypted digital currency, which people can use to pay for various government and non-government services in Dubai.
According to state news agency WAM, Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Group Ltd will work together to establish contactless payments.
Based on the latest blockchain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments.
emPay will allow the UAE residents to make varied payments through the near field communication (NFC) option on their smartphones.
With emCash, emPay users will have the option of a secure digital currency, and merchants can receive such payments in real time without going through intermediaries.
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, and less complexity and cost. 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 the 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 the approval of other UAE authorities will be considered if required," he added.
Muna Al Qassab, CEO, Emcredit Limited, added that emCash also reduces fraud, as well as inflation, since the currency is issued in real time, based on actual demand.