When it comes to adopting the technology, trend, Dubai is one of the best cities in the World. Since the new age tech – blockchain has come into play with a wide variety of options in place, the residents in Dubai will now profusely use the blockchain technology in order to perform a variety of transaction like making payment in-store, government utilities, payment of bills of certain amenities namely telecommunications, etc. through a stable digital currency in place.
The entire concept has been made possible through the strategic partnership of Pundi X, emcredit – Dubai’s Credit Bureau (a stake led subsidiary of the Dubai Department of Economic Development) and Ebooc Fintech & Loyalty Lab.
Pundi X is well known for its a multi-cryptocurrency point-of-sale (“POS”) solutions provider especially for retail stores that may accept digital currencies for a variety of transactions. Technically, Pundi X POS enables cafes, shops, and convenience stores to underpin blockchain-based transactions for the average consumer.
The Pundi X POS is designed such that ebooc fintech and loyalty labs can use emcredit exclusively so they can run a stable, digital that are similar to UAE Dirham. Ebooc is considered to be the first Emirati Fintech company (with its partnership with Pundi-X) offering blockchain based NexGen tech and loyalty solutions focusing on financial sector exclusively.
Another partner, namely ebooc is the first Emirati fintech and loyalty company based in Dubai with the mission to use emerging and new technologies to leverage their power so that consumers can benefit out of it thoroughly. Ebooc is designed to offer blockchain based loyalty programs like NFC Card Products and Mobile Digital Wallets that helps end users realize the numerous benefits namely a decentralized, distributed ledger that creates trust thereby improving efficiency.
The other actor in the partnership – emcredit is the Dubai’s first credit bureau that set up a Federal Corporation under the Ministry of Finance. It is a wholly owned subsidiary of the Dubai Department of Economic Development (DED) working with the UAE banks and financial institutions in order to support real-time data about individuals and companies.
Further speaking to the subject matter, an emcredit spokesperson said: “To be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai. It confirms Dubai’s status as an international tech hub. Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai.”
Besides this, the CEO and co-founder of Pundi X, Zac Cheah said in his statement that “Bringing blockchain-based payments technology into the government sphere is a major development for the technology. But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today a historic moment for the real-world application of a technology that has promised so much potential until now. We are very proud to partner with emcredit and to support its vision for supporting its customers through technological innovation”.
While elaborating the strategic partnership, Abdalla Al Shamsi, CEO DFP and co-founder ebooc said: “We are delighted to be a part of this historic partnership when Dubai launches the world’s 1st first digital currency – emcash. We also envisage consumers in Dubai being able to make real-time payments using Dubai’s digital currency for all their payment needs for shopping, paying for Government fees etc. ebooc is also looking at extending its reach as an exclusive POS partner of Pundi X.”
Amid this, the managing director Bchain and co-founder of ebooc, Sunil Malhotra further commented, “emcredit-ebooc– Pundi X partnership will deliver a differentiated customer experience through innovative POS products and service for consumers in Dubai bringing together various service providers under one platform.”
Needless to say that all the actors in the partnerships are having their own capabilities in place that help the city more digitalized. The more about the business models – development, testing, and certain regulatory approval will be announced later this financial year.
Pundi X are expected to send numerous payments devices to retail markets across various geographies like Brazil, Singapore, Africa, Korea. The company raised almost $35 million when it was in the seed stage through a public token sale in January.
Let’s not forget that mergers & acquisitions and strategic partnership are all those key value drivers that help both – acquirer and target or all those actors involved in order to gain the benefits of Synergy that comes out of the entire transaction. The recent partnership would definitely bring blockchain based XPOS tech into a public sector environment which is the hallmark in the history as the first time happened in the entire Middle East region.
Initially, the company is expected to focus more than 100,000 extraordinary blockchains led POS devices to the global retail platform in the next three years!!