Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Group have signed a partnership deal to facilitate financial transactions through contactless payment.
The agreement has been signed as part of the Dubai Economy Accelerators umbrella and will entail the development and implementation of emCash, an encrypted digital currency, which people can use to pay for various government and non-government services.
Emcredit and Object Tech will develop a competitive, accountable and legally compliant emCash ecosystem together. Several associated products to protect emCash wallet and digital documents, enable direct real-time settlement and peer-to-peer lending, and provide credit rating based on the distributor ledger of emCash will also be developed.
emCash is based on blockchain technology and will be the digital currency in emPay wallet. The payment method, according to Dubai Economy, will allow the UAE residents to make varied payments through the near field communication (NFC) option on their phones. 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, 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,” said Ibrahim.
“We are delighted to be working with Emcredit and Dubai Economy on the emCash project. The fast-paced environment and incredible willingness to adopt innovative technology have made Dubai the perfect place for us to do business. This project is a great example of the ambition here; together we are essentially creating a whole new economic ecosystem. It will harness blockchain technology to make financial transactions cheaper, faster and more secure while demonstrating the huge advantages of embracing this technology for governments, business and customers alike. This is a key step towards creating a truly connected city, said Tom Morgan, director and co-founder, Object Tech Group.