Strategic Partnership Signed Between DOF and NEOPAY to Advance Dubai Cashless Strategy

Dubai Finance (DOF) and NEOPAY, the UAE’s fast-growing payment solutions provider, have signed a Memorandum of Understanding (MoU) to support the implementation of the Dubai Cashless Strategy, which was launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Executive Council of Dubai, back in October 2024.

This agreement reinforces the strategy’s three core pillars: Governance, Innovation, and Society, while strengthening expertise exchange and financial digitalisation efforts.

The agreement was formalised by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Vibhor Mundhada, CEO of NEOPAY. With its cutting-edge fintech solutions, NEOPAY plays a key role in accelerating the adoption of cashless payments across various sectors, ensuring seamless transactions for businesses and individuals alike.

Under the new partnership, the collaboration will explore fintech-driven innovations, leveraging NEOPAY’s expertise to integrate AI-powered solutions that enhance financial accessibility for the entire community. Furthermore, the agreement supports innovation programmes and accelerators focused on developing advanced, accessible, and highly efficient digital financial solutions, ensuring seamless payment experiences for all.

Ahmad Ali Meftah stated: “This partnership with NEOPAY marks a significant milestone in advancing the Dubai Cashless Strategy. By integrating cutting-edge digital payment solutions, we are fostering a more inclusive financial ecosystem that enhances accessibility and efficiency for the entire society. This collaboration reinforces our ongoing efforts to accelerate the transition toward a fully cashless economy, ensuring that individuals and businesses benefit from secure, seamless, and technologically advanced payment systems. As Dubai continues to position itself as a global leader in financial innovation, this initiative will play a vital role in shaping the future of digital transactions across the emirate.”

Vibhor Mundhada added: “At NEOPAY, we are dedicated to driving the evolution of digital payments in the UAE, ensuring seamless financial transactions across all sectors. Collaborating with DOF to empower all Government of Dubai customers – businesses and individuals alike – with secure, innovative, and intelligent payment solutions further reinforces both our existing strong relationship and our commitment to advancing financial accessibility and efficiency, supporting Dubai’s cashless vision and enhancing its wider financial landscape.”