Emcredit, a subsidiary of Dubai Economy, has signed a partnership agreement with UK-based Object Tech Group to develop and implement encrypted digital currency emCash.

Under the agreement, the two entities will develop an accountable and legally compliant emCash ecosystem. They will also develop many associated products to protect emCash wallet and digital documents.

Based on blockchain technology, emCash will be the digital currency in emPay wallet.

It will enable UAE residents to pay for various government and non-government services through the near field communication (NFC) option on their smartphones.

Dubai Economy deputy director general Ali Ibrahim said: “emCash would give a financial identity to contactless transactions, reinforce Dubai as a competitive business destination, enhance customer happiness and accelerate Dubai’s evolution into a smart economy. A digital currency has varied advantages faster processing, improved delivery time, and less complexity and cost.

“It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve the ease of business and quality of life. We are delighted to have Object Tech as our partner in this initiative and the Dubai Economy Accelerators programme. Obtaining the approval of other UAE authorities will be considered if required,” Ibrahim added.