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UAE ready to launch mWallet

UAE is ready to roll out its mWallet, which is a mobile wallet project initiated by the UAE Banks Federation (UBF), a professional body representing 50 banks operating in the UAE. The Central Bank of UAE will have to give the final approval for the project. mWallet is a comprehensive digital payment solution, first unveiled in February 2014. The UBF’s board discussed the final details of the project, the creation of new specialized committees and the appointment of two new members to the board. The board said the initiation phase was completed successfully and the initiative, funded by 18 of the UAE’s largest banks, was approved for implementation at the CEOs advisory council during its meeting in May. One of the key objectives of the project is to make banking more inclusive and provide financial services to the unbanked segment of population.

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