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Dubai DED, Ajman Chamber sign MoU on EmPay

Dubai DED, Ajman Chamber sign MoU on EmPay

DUBAI: The Ajman Chamber of Commerce and Industry, ACCI, and the Department of Economic Development in Dubai, DED Dubai, have reportedly signed a Memorandum of Understanding to foster the cooperation and exchange of experiences on mobile payment solutions. The MoU was signed by Salem Al Suwaidi, director-general, ACCI, and Ali Ibrahim, acting director-general, DED Dubai, at the Chamber’s headquarters.

According to a report by WAM, the two sides seek to adopt the mobile payment solution, EmPay. The solution also gives choice of distributed ledger technology (blockchain) in money transfers and settlement inside the ecosystem apart from its regular merchant settlement offering. This helps to save a large part of the fees comparing to other payment methods. 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.” Ibrahim from Dubai DED, said, “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.”