Saudi Arabian Monetary Authority Launches 'Tanfeeth'

Saudi Arabian Monetary Authority Launches 'Tanfeeth'
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Saudi Arabian Monetary Authority Launches 'Tanfeeth'

Saudi Arabian Monetary Authority Launches 'Tanfeeth'

The Saudi Arabian Monetary Authority (SAMA) launched "Tanfeeth" program that aims to provide a direct link between the technological systems of government and the banks operating in the Kingdom for the sake of integration.

SAMA clarified that it seeks through the program to promote the level of cooperation with government agencies to overcome difficulties and obstacles that may face the joint work between SAMA and other entities.

Moreover, it aims to keep pace with the objectives of the Saudi Vision 2030, which focuses on benefiting from modern technologies and e-government applications in addition to upgrading the level of government services in a way that contributes to the reduction of administrative procedures and raises their quality and speed.

SAMA pointed out that the electronic link with Tanfeeth program ensures the confidentiality of information and informs judges thereof within the framework of the procedures of handling cases considered by them including personal status cases.

Governor of SAMA Dr. Ahmad al-Kholifey expressed gratitude to the ministry of justice as the first government authority with which the electronic linking procedures were completed.

Tanfeeth program was established based on the technological platform "Watheiq", which will transform the business sector of SAMA into an electronic service provider. 

This would occur by adopting the best and most reliable technological solutions, providing integrated linking between SAMA and other government technological systems benefiting from the services, and building connections with the financial sector.



Dubai to Allow Residents Pay Government Services Using Cryptocurrency

Dubai’s Department of Finance signed on Monday a new MoU with global digital asset platform Crypto.com. WAM
Dubai’s Department of Finance signed on Monday a new MoU with global digital asset platform Crypto.com. WAM
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Dubai to Allow Residents Pay Government Services Using Cryptocurrency

Dubai’s Department of Finance signed on Monday a new MoU with global digital asset platform Crypto.com. WAM
Dubai’s Department of Finance signed on Monday a new MoU with global digital asset platform Crypto.com. WAM

Dubai is preparing to allow residents to pay for government services using cryptocurrency, signaling the emirate’s intent to support the Dubai Cashless Strategy.

On Monday, Dubai’s Department of Finance (DOF) signed a new memorandum of understanding (MoU) with global digital asset platform Crypto.com, in the presence of Abdulla Al Basti, Secretary General of The Executive Council of Dubai, and Abdulrahman Al Saleh, Director General of DOF.

The initiative, formalized during the Dubai FinTech Summit, will enable seamless and secure payments for government services using stable cryptocurrencies, further strengthening Dubai’s position as a global hub for financial innovation.

Al Basti said that adopting secure cryptocurrency solutions within the Government of Dubai’s payment system reflects a proactive approach to anticipating future needs and responding to global economic and financial developments.

“We take great pride in Dubai Finance’s pivotal role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future,” said Al Saleh.

The Dubai Cashless Strategy aims to conduct more than 90% of financial transactions across both the public and private sectors through cashless methods by 2026.

“We underscore the significance of the MoU with Crypto.com in accelerating the strategy’s objective,” Al Saleh said.

President and COO of Crypto.com Eric Anziani said this initiative will enable the delivery of the first comprehensive and holistic Government-wide implementation of payment digitization.

Once the necessary technical arrangements for the agreement’s activation are finalized, individuals and businesses customers of government entities will be able to pay service fees seamlessly through Crypto.com's digital wallets.

The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework.

The Dubai Cashless Strategy is expected to drive economic growth by adding at least 8 billion dirhams ($2.1 billion) annually to the economy, fueled by the development of a wide range of innovative financial technology services and the accelerated expansion of Dubai’s fintech sector.