Blockchain-oriented firms Pundi X and ebooc Fintech & Loyalty Labs partnered with emcredit, Dubai’s Credit Bureau, to develop a platform that would allow Dubai citizens to pay for a variety of things with a stablecoin. The platform will leverage the Pundi X POS (point of sale) technology to be built exclusively for ebooc and used with emcredit. The system will run a digital equivalent of local fiat currency the UAE dirham (AED).
ebooc is the first fintech firm in the UAE and is Pundi X’s exclusive partner in the Middle East. The company offers blockchain-based NexGen technology and loyalty services in the financial markets.
Dubai residents will be able to pay for government utilities, telecommunication, and school fees and also pay for retail purchases by using a cryptocurrency called emCash. We reported about the coin last year, when Dubai was making up its plan to become the first major city in the world to issue its own cryptocurrency. emCash was launched by emcredit, a government entity under the Dubai Department of Economic Development.
Pundi X co-founder and CEO Zac Cheah commented:
“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.”
ebooc co-founder Sunil Malhotra stated:
“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.”
The technology has to go through several phases, including a trial phase, until it’s approved by government regulators later this year.
Indonesian startup Pundi X is providing crypto-based payment solution through its XPOS devices. The company is shipping thousands of such payment tools to retail partners in regions like South Korea, Singapore, Indonesia, and Africa. The startup raised $35 million via a public token sale held at the beginning of this year.