UAE - Launching a platform to exchange securities for digital cash
Thursday, 09 03 2020, Category: Technology, Country: U.A.E
The Emirates Digital Wallet announced its first major steps to limit the use of traditional banknotes. It is ready to launch the klip platform at the country level during the next week. The initiative, which was prepared with the participation of 15 national banks in the UAE, aims to promote digital transformation in the country.
Under the patronage and support of the Emirates Bankers Association, the Emirates Digital Wallet works, with deliberate steps, to ensure that all individuals and companies are directed to use the “klip” instead of banknotes across various sectors.
Mohammed Al Jayash, Chairman of the Board of Directors of the Emirates Digital Wallet Company, said: “The vision of the Emirates Digital Wallet has always been to stimulate society to abandon the traditional circulation of banknotes. To this end, our mission includes implementing and managing a digital cash platform whose mission is to replace traditional banknotes with digital cash with the participation of all banks, companies and individuals.
“Launching a nationwide digital cash platform is a complex process,” Al-Jayash added. We have been able, through development, improvement and extensive testing, and through the continuous support of the Emirates Bankers Association, to provide the ability to exchange traditional cash for its equivalent in digital money. With our entry into the last round of testing, we are taking a further step towards a society that reduces reliance on traditional money.