Dubai Financial Market Inks An Agreement With Dubai eGovernment In Preparation For The Introduction Of Electronic Payment

22/10/2012

Dubai Financial Market (DFM) yesterday announced it has signed an agreement with Dubai eGovernment which will enable market participants to pay the exchange’s fees electronically through the Dubai eGovernment Portal. This Portal is one of the Government of Dubai’s main initiatives aimed at providing effective and secure channels to facilitate the relations between government departments and the public, which will ultimately save time and effort.

The agreement was signed during GITEX 2012 by Essa Kazim, Managing Director and CEO of DFM (PJSC), and Ahmad Bin Humaidan, Director General of Dubai eGovernment Department, in the presence of senior representatives from both sides.

Through this Portal, DFM customers will be able to pay the fees whether by credit card or direct debit from their bank account with 5 member banks namely; Dubai Islamic Bank, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and Union National Bank. The DFM customers will be able to utilize the ePayment Portal as of the second half of 2013 after having all technical requirements in place.

Commenting on this development, Essa Kazim, Managing Director and CEO of DFM (PJSC) said: “DFM has been constantly devoted to providing its participants with sophisticated and innovative service channels. Consequently, the introduction of the ePayment service through Dubai eGovernment’s secure and effective mechanism reflects the increasing popularity of DFM’s electronic services amongst our participants. This includes for example, the eForms service, which enables our clients to complete, submit and track their applications online. We are confident that our partnership with the Dubai eGovernment will add value to investors and various participants, and will further support our plans as DFM is currently preparing for more advanced services in 2013.”

On his part, H.E. Ahmad Bin Humaidan, Director General of Dubai eGovernment Department, said: “We are pleased that Dubai Financial Market has joined the ePay portal which indicates the growing adoption of the portal year after year.” He pointed out that the amounts collected through the portal rose 23 per cent over the first nine months of 2012 compared to the same period of 2011 for the settlement of fees of over 250 eServices provided by 27 government departments to their customers.

“This agreement is especially important because it enhances government connectivity in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for achieving government integration”, he added.