DubaiPay Upgraded with Blockchain Technology

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There are many reasons behind UAE’s growth as a business hub. One of the reasons is that the UAE authorities have taken their time to make policies for company setup in Dubai. The laws govern the quality of the products and services and also the way they are produced and the effect this has on the third parties. The regulations consider everything related to the business. Once the policies are in place, incentives are provided to the businesses so that they find prospects in the UAE profitable to invest in, after they meet the necessary legal requirements.

Company setup in Dubai has huge potential if the owners make the right decisions and align themselves with the requirements of the customers. This will help them develop an image of the business of being mindful of the customer feedback and serious about improving products and services experience.

The government of Dubai has once again proven that it stands for the continuous development of the city and that the vision that the authorities have for the UAE will be followed as whole-heartedly as possible for any one.

This time the government has added to the online payment service DubaiPay. Blockchain technology has been added to the service which means that the authorities are ready to take high quality and meaningful action on things that require the government’s focus.

The Technological Update

The Smart Dubai office, a government initiative led by the Crown Prince of Dubai, is incorporating blockchain technology into its retail payments smartphone application that goes by the name DubaiPay, This will enable reconciliation and settlement transactions in real-time and create ease for all parties that are involved.

The update has been made possible with the help of Dubai’s Department of Finance (DoF), the Smart Dubai Office (SDO).

The present DoF procedures are not independent of staff members physically checking payments collected from different portals and manual reconciliation of the transactions before them being settled. This complicated process involves a fee deduction before the money is transferred to the relevant overseeing authority, altogether taking up to 45 days.

This step is not only a signal of what the government is planning and on what scale but also a signal of how the government has the ability to bring about such planning and motivation to implement it. It is also a hint towards growing expertise in IT of the residents of the UAE. Soon the government might be able to use these skills to further promote the Informational Technology sector that can lead to further growth of the people and the country as a whole. Not only will the people get new jobs and earn, but the life of the people will easier than it was before, using the changed made in technology, which can be used after company formation in Dubai of new technological companies. In fact, even if technological company formation In Dubai is slow, the old relevant companies will be able to ignite the fire needed to lure in new investors, by using the block chain technology.

Providing you with in-depth knowledge

KWS ME is one of the famous business setup consultants in Dubai providing advisory and help in business registration, formation and services like finding local sponsors and helping with visa bank account opening.

Business consultants are providing business registration and support services like pro services and services like visa processing and product registration. KWS ME is one of the business setup consultants Dubai that are known in the market for their top quality guidance on matters of important and the quality of their services, that has obviously become better with experience and interaction with different clients. The consultancy’s experts provide updated information and guidance on how business operations should be taken forward.

Give us a call or send an email with the required details. This will be enough for us to enter your queries and facilitate you in Dubai.

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