By Staff Reporter
The Ministry of Finance and the Dubai Department of Finance have completed the UAE’s first government financial transaction using the Digital Dirham, marking a historic step toward a fully digital national economy.
The transaction, carried out in collaboration with the Central Bank of the UAE, signals the country’s progress in adopting advanced financial technologies.
Part of the Central Bank’s Financial Infrastructure Transformation Programme, the pilot phase of the Digital Dirham project aims to accelerate the shift to digital payments and strengthen the UAE’s position as a global hub for financial innovation.
His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Central Bank of the UAE, said the Digital Dirham represents a key pillar in building an integrated digital economy, reflecting the leadership’s vision of global financial leadership.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Minister of Finance, noted that using the Digital Dirham in government transactions highlights the Ministry’s commitment to transparency, efficiency, and innovation in public finance management.
The transaction was executed through the government payments platform mBridge, which facilitates settlements using central bank digital currencies. According to officials, the process was completed in under two minutes, demonstrating the system’s efficiency and readiness.
The Central Bank confirmed that the initiative will enhance financial stability, reduce operational costs, and strengthen the UAE’s financial ecosystem. The milestone reinforces the UAE’s leadership in digital transformation and its ongoing efforts to establish a robust, trustworthy, and globally competitive digital economy.
News Source: Emirates News Agency
