It further aims at serving the business community through creating value-added services with hassle-free and flexible procedures.
The MoU was signed by Salem Al Suwaidi, Director-General of Ajman Chamber, and Ali Ibrahim, Acting Director-General of DED-Dubai, at the Chamber’s headquarters.
This was witnessed by Nasser Al Dhafri, Executive Director of Planning Sector and Members Support at Ajman Chamber and Muna Al Qassab, CEO, Emcredit Limited, subsidiary of DED-Dubai, along with a number of employees.
Through the MoU, the two sides seek to adopt the mobile payment solution, EmPay. Apart from normal merchant settlement pattern, EmPay also gives choice of distributed ledger technology (block chain) in money transfers and settlement inside the ecosystem. This helps to save a large part of the fees comparing to other payment methods.
Commenting on signing the MoU, Salem Al Suwaidi said, “Ajman Chamber is keen to cooperate with various government and private bodies to provide services meeting aspirations of its members and the business community in an efficient work environment that translates guidance of the prudent leadership.”
He also reiterated the Ajman Chamber’s keenness to cooperate with all parties to develop innovated services meeting satisfaction of its members, customers and society in general, thus translating Ajman vision-2021 that is consistent with the general view of the UAE. Ali Ibrahim, pointed that this tie-up would ensure that the people in the UAE have access to specialised services, but will also usher in an age of technological advancement in the region. “Empay will set a benchmark in the region for mobile payment solutions.”
The product, which has been developed by mapping the common lifestyles and habits of people in the UAE, will make you experience the next level of reliability, convenience, security and speed in this era of cashless transactions. DED is indeed proud to present this next generation payment solution to UAE, which is dedicated to the people of the UAE”.
Commenting on the MoU, Muna Al Qassab, CEO, Emcredit Limited, said, “Empay was conceived with an objective of simplifying the life of the people in the UAE.”
“With of Ajman Chamber coming on-board, this vision will surely come to life sooner than expected. Empay will allow people to make financial and non-financial transactions in a smart, cashless way, bringing together various services providers under one platform including banks, financial institutions, exchange houses, government departments, transportation and telecom companies, and many more.”
“The introduction of Empay, and thereby Emcash will not only eliminate settlement times, prevent cheque bounces and frauds while eliminating the need for intermediators, but they will drastically reduce the cost of operations and speed of payments.”
Source: The Gulf Today - http://gulftoday.ae/portal/704a515f-8f49-4697-8b99-8f0bd5573861.aspx