Dubai City Creates The Stable & Regulator-backed Emcash Cryptocurrency For Its Residents!
The world of blockchain will soon be leveraged by the UAE population in a good number of activities following its credit bureau ‘Emcredit’ partnership with Pundi X, Loyalty Labs LLC & Ebooc Fintech. This move is set to bring cryptocurrency services closer to the residents of Dubai as the world embraces the blockchain era!
We are pleased to announce that we will bring digital payment to the public sectors in the #UAE through our partnership with #ebooc and #emcredit, Dubai's Credit Bureau. https://t.co/cQRjbHVEel #blockchain #npxs #npxsxem
— Zac (@zibin) October 8, 2018
Dubai’s Emcredit & its partners developed a digital asset ‘Emcash’ to meet the population’s needs. Therefore, the residents will soon have the option of making purchases & paying bills together with other needs like school fees via the Emcash crypto coin.
If this initiative is successful, Dubai will be the pioneer city in the world to offer its residents crypto currency services with a stable digital asset. The team plans on making Emcash Dubai’s official digital currency while its functionalities will be supported by Dubai Department of Economic Development. In doing so, Dubai will enable its consumers to interact with government services via a blockchain network & make payments through the same avenue.
Ebooc fintech & Loyalty Labs will produce the Pundi X Point of Sale (POS) devices that will be used to complete the emecredit payment ecosystem. This networks will power the digital currency whose operations will be similar to that of the Dirham (AED), the official currency of UAE.
The Pundi X presesence within the gulf countries will be enhanced by its partnership with Ebooc. This blockchain-oriented firm is a pioneer mover to provide such services within the Emirati region. Clearly, Dubai’s prospects of becoming a blockchain hub will not be a pipe dream. The Pundi X team plans on integrating more of the population over time as gradually it sets up more shopfront XPOS devices.
Emcredit through one of its spokesman said their commitment is to enhance service experience for its clients as is the wish of the UAE leadership;
“To be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai. It confirms Dubai’s status as an international tech hub. Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai”.
Pundi X co-founder & CEO, Zac acknowledged that integrating blockchain network with government systems is indeed a big milestone for the technology. However, emphasis was mostly on the presence of blockchain in Dubai & Pundi X’s involvement in this;
“But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today an historic moment for the real-world application of a technology that has promised so much potential until now. “
Ebooc also echoed its positive sentiments towards this partnership via two personnel from the project’s top leadership. Abdalla Al Shamsi who is one of the co-founders stated that Ebooc is excited to embark in Dubai’s pioneer digital asset technology. He added that the company shared the Emcash vision of making crypto payments accessible to the residents of Dubai across multiple service platforms. Furthermore, the CEO mentioned Ebooc’s intention of scaling up the POS partnership with Pundi X to an exclusive working relationship. The company’s MD, Sunil Malhotra later cemented these sentiments with his view;
“emcredit-ebooc– Pundi X partnership will deliver a differentiated customer experience through innovative POS products and service for consumers in Dubai bringing together various service providers under one platform.”
More details on this milestone are expected once the regulators have tested & approved the technical, financial & legal aspects of Emcash coin later in the year.
Emcredit And Ebooc Fintech & Loyalty Labs
Dubai’s pioneer credit bureau, Emcredit, began its activities following a Ministry of Finance establishment of a federal body. The corporation works in conjunction with the UAE financial authorities & institutions for data provision services.
Ebooc on the other hand is an entity developed for the purpose of Fintech adoption in the gulf region. Its focus is in blockchain networks where it entices participants with rewards for platform contribution. Its decentralized exchange services are based on a safe & highly efficient ecosystem.