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UAE Central Bank aims to displace cash with Emirates ID card

31 January 2013  |  2325 views  |  0 Source: UAE Central Bank

The UAE Central Bank and the Emirates Identity Authority have discussed the means of enhancing their co-operation as regards using the smart ID card and activating its advanced applications in the financial sector across the UAE.

The meeting discussed forming a joint committee between the UAE Central Bank and the Emirates ID to draft a strategic co-operation agreementthat includes a number of initiatives aimed at promoting the culture of digital ID and knowledge-based economy and enabling the UAE Central Bank to upgrade the performance of the UAE financial sector and protect the identity of customers by capitalizing on the infrastructure of the ID card project and the advanced technical features of the ID card.

This was announced during a meeting held at the UAE Central Bank headquarters in Abu Dhabi on Sunday and attended by H.E. Sultan Bin Nasser Al Suwaidi, UAE Central Bank Governor, H.E. Dr. Eng. Ali Mohamed Al Khouri, Emirates ID Director General, and a number of officials of both sides.

The UAE Central Bank clarified that its draft strategic and operational plan 2014-2016included an initiative for creating an e-wallet system using the ID card that would replace cash for the management and operation of the UAE Central Bank. The e-wallet allows payment for purchases either through the points of sale or online by the ID card for up to 3 per cent of the cash issued (AED 1.7 billion) in 2015, the first year of the activated system, theUAE Central Bank added.

The Emirates ID praised the UAE Central Bank's drive to capitalize on the modern and innovative technology available in the smart ID card, calling on all government and private entities to benefit from the advanced applicationsof the ID card project after all population registration deadlines had expired.

The Emirates ID affirmed that it is fully ready to provide maximum support to ensure the success of all the development projects and initiatives that are implemented or planned to be implemented by the UAE organizations in line with the government's efforts aimed to shift to e-transformation and engage in knowledge-based economy in such a manner that serves the top interest of the UAE and contributes to achieving the UAE Viision 2021.

On the sidelines of the meeting, Al Khouri reviewed the Emirates ID's strategic plan 2010-2013 and the projects and initiatives emanating from it including the digital ID project (Electronic Certification Center) and the electronic linkage project with the government organizations across the UAE.

The Emirates ID delegation included Miss Aisha Al Raisi, Director of Central Operations Sector, Mr. Abdullah Al Kindi, Director of IT Department, and Mr. Amer Al Mahri, Director of Government and Community Communications. The meeting was attended from the UAE Central Bank by Mr. Saeed Abdullah Al Hamiz,Assistant Governor for Banking Supervision Affairs, and Mr. Rashid Mohammed Al Fandi, Executive Director of the Banking Operations Department.

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