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Sun 14 Jun 2015 02:19 PM

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UAE Banks Federation backs project to improve smart banking

Authority approves final details of mobile wallet project; set to launch subject to central bank ratification

UAE Banks Federation backs project to improve smart banking
(Photo for illustrative purposes only)

The UAE Banks Federation has approved final details of the Mobile Wallet project which aims to make as many banking services as possible to be accessed via smart phones and other digital devices.

The initiative, funded by 18 of the UAE's largest banks, has been backed by the board of directors who now consider it ready for launch, following final ratification from the central bank.

The launch will comprise a number of phases, the first of which will be to put in place mobile payments and a money transfer platform for smart phones and other devices.

Once operational, the Mobile Wallet will be managed by a separate entity supported by UAE banks and regulated by the Central Bank.

Future phases of the project will make the Mobile Wallet available to visitors to the UAE, and will further extend the usability and functionality of the system.

The Mobile Wallet is the financial component of the Smart Government initiative announced by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum last year.

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