{"id":26072,"date":"2022-07-29T16:40:26","date_gmt":"2022-07-29T16:40:26","guid":{"rendered":"https:\/\/tcit.ae\/ubf\/?page_id=26072"},"modified":"2022-09-08T10:35:22","modified_gmt":"2022-09-08T10:35:22","slug":"emirates-digital-wallet","status":"publish","type":"page","link":"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/emirates-digital-wallet\/","title":{"rendered":"Emirates Digital Wallet"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"26072\" class=\"elementor elementor-26072\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-27beaf0 bannerHeadering elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"27beaf0\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-74e4935\" data-id=\"74e4935\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd1875c elementor-widget elementor-widget-heading\" data-id=\"cd1875c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.8 - 27-07-2022 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Initiatives<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d2ed384 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d2ed384\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-c679ef3\" data-id=\"c679ef3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3c95ece elementor-widget elementor-widget-heading\" data-id=\"3c95ece\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Initiatives List<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-415a8b7 uael-submenu-icon-plus uael-nav-menu__breakpoint-none sidebarmenu uael-nav-menu__align-left uael-link-redirect-child elementor-widget elementor-widget-uael-nav-menu\" data-id=\"415a8b7\" data-element_type=\"widget\" data-widget_type=\"uael-nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"uael-nav-menu uael-layout-vertical uael-nav-menu-layout\" data-layout=\"vertical\">\r\n\t\t\t\t<div class=\"uael-nav-menu__toggle elementor-clickable\">\r\n\t\t\t\t\t<div class=\"uael-nav-menu-icon\">\r\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<nav class=\"uael-nav-menu__layout-vertical uael-nav-menu__submenu-plus\" data-toggle-icon=\"\" data-close-icon=\"\" data-full-width=\"\"><ul id=\"menu-1-415a8b7\" class=\"uael-nav-menu\"><li id=\"menu-item-26025\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/compliance-framework-assessment\/\" class = \"uael-menu-item\">Compliance Framework Assessment<\/a><\/li>\n<li id=\"menu-item-26132\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/standardization-of-islamic-windows\/\" class = \"uael-menu-item\">Standardization of Islamic Windows<\/a><\/li>\n<li id=\"menu-item-26133\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/tasharuk-cyber-security-intelligence-sharing-platform\/\" class = \"uael-menu-item\">TASHARUK \u2013 Cyber security intelligence sharing platform<\/a><\/li>\n<li id=\"menu-item-26129\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/ethical-selling-framework\/\" class = \"uael-menu-item\">Ethical Selling Framework<\/a><\/li>\n<li id=\"menu-item-26131\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/modus-operandi\/\" class = \"uael-menu-item\">Modus Operandi<\/a><\/li>\n<li id=\"menu-item-26125\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/close-out-netting\/\" class = \"uael-menu-item\">Close Out Netting<\/a><\/li>\n<li id=\"menu-item-26127\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/customer-complaint-handling-framework\/\" class = \"uael-menu-item\">Customer Complaint Handling Framework<\/a><\/li>\n<li id=\"menu-item-26128\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/emirates-digital-wallet\/\" class = \"uael-menu-item\">Emirates Digital Wallet<\/a><\/li>\n<li id=\"menu-item-26130\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/islamic-governance-unit\/\" class = \"uael-menu-item\">Islamic Governance Unit<\/a><\/li>\n<li id=\"menu-item-26126\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/court-banking-experts\/\" class = \"uael-menu-item\">Court Banking Experts<\/a><\/li>\n<li id=\"menu-item-26134\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/together-with-together\/\" class = \"uael-menu-item\">Together with Together<\/a><\/li>\n<\/ul><\/nav>\r\n\t\t\t\t\t\t\r\n\t\t<\/div>\r\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-685a7ce\" data-id=\"685a7ce\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0250c2c elementor-widget elementor-widget-heading\" data-id=\"0250c2c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Emirates Digital Wallet<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a653813 elementor-widget elementor-widget-text-editor\" data-id=\"a653813\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.8 - 27-07-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Following discussions between the UAE Central Bank and UAE national banks, a project was initiated in 2014 under the auspices of the UAE Banks Federation to identify a methodology to reduce the volume of cash transactions the UAE economy.<\/p><p>The UAE Banks Federation hosted a working group from 2014-2016 to identify how this objective might be achieved, out of which emerged the Emirates Digital Wallet. EDW is owned by 15 national banks and manages and operates klip, an app which provides access to a platform created to allow payments to be made digitally within the UAE regardless of whether the user has a bank account or not.<\/p><p>klip paves the way for cashless spending, remittance and storage of money for anyone holding a SIM card and resident in the UAE. It combines best payments practice from around the world with locally sourced innovation to provide a unique solution tuned to the specific needs and characteristics of the UAE.<\/p><p>The UAE Central Bank published rules governing stored value and digital payments in January 2017 and EDW operates in compliance with these regulations.<\/p><p>The aims of EDW are to:<\/p><ul><li>To support the UAE government&#8217;s strategy to drive digital transformation across the economy and society.<\/li><li>To realize the Central Bank&#8217;s desire to reduce and ultimately remove cash in circulation in the UAE economy so as to make it more efficient and to minimize fraud and the risks inherent in the use of cash.<\/li><li>Thirdly EDW reflects the government&#8217;s desire for better financial inclusion primarily for the unbanked in the UAE economy.<\/li><\/ul><div>\u00a0<\/div><div>The stakeholders of EDW are FAB, ADCB, ADIB, Mashreq Bank, DIB, CBD, RAK Bank, Al Hilal Bank, SIB, Al Masraf, Bank of Sharjah, Invest Bank, UAB, NBF, and NBQ<\/div><div>\u00a0<\/div><p><a href=\"https:\/\/www.uaebf.ae\/en\/news\/news-latest\/2020\/edw.html\" target=\"_self\">https:\/\/www.uaebf.ae\/en\/news\/news-latest\/2020\/klip.html<br \/>https:\/\/www.uaebf.ae\/en\/news\/news-latest\/2020\/edw.html<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Initiatives Initiatives List Compliance Framework Assessment Standardization of Islamic Windows TASHARUK \u2013 Cyber security intelligence sharing platform Ethical Selling Framework Modus Operandi Close Out Netting Customer Complaint Handling Framework Emirates Digital Wallet Islamic Governance Unit Court Banking Experts Together with Together Emirates Digital Wallet Following discussions between the UAE Central Bank and UAE national banks, &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/emirates-digital-wallet\/\"> <span class=\"screen-reader-text\">Emirates Digital Wallet<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":25964,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages\/26072"}],"collection":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/comments?post=26072"}],"version-history":[{"count":19,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages\/26072\/revisions"}],"predecessor-version":[{"id":30296,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages\/26072\/revisions\/30296"}],"up":[{"embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages\/25964"}],"wp:attachment":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/media?parent=26072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}