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Banking


THE MINISTRY OF FINANCE LAUNCHES “E-GUARANTEE” IN COLLABORATION WITH AL MASRAF


In an effort to convert to smart services to save customers’ time and effort, the Ministry of Finance launches “E-Guarantee” in collaboration with Arab Bank for Investment & Foreign Trade (Al Masraf).

The MOF announces the launch of E-Guarantee service in collaboration with the Arab Bank for Investment & Foreign Trade (Al Masraf) within the efforts exerted by both parties to apply the latest technologies in the path of conversion towards Smart Services.

This new E-Guarantee System uses the MOF Payment Gateway to facilitate the procedures needed to issue Labour Guarantees and collect administrative fees payable for providing Labour Guarantees to the Ministry of Human Resources and Emiratisation on behalf of UAE Companies via financial institutions working in the UAE.

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In its comment on the launch of the new service, the MOF stressed its attempts to improve the cash flows management and save more time and effort. That step comes within the Ministry’s diligence to continue its ongoing conversion to smart services and apply innovative solutions in the field of electronic payment and collection of service fees. This process would increase the efficiency and effectiveness of financial systems and manage cash flows for the Federal Government developing up to the best practices in the industry. The MOF will continue its efforts to develop its payment systems to become the best options for the payment of Governmental Services fees all over the country.

“The UAE has gone a long way towards shifting to smart services, within its strategy that focuses on applying the best technologies and state of the art practices in various fields. Such collaboration will boost the strategic relations with MOF by means of launching E-Guarantee Service that issues Workers Guarantees online giving a successful model for collaboration among various parties to provide the best services possible that matches world-class practices and international standards,” said Mr. Ahmed Alrefaei, Al Masraf Chief Operating Officer.

“Digital innovation is an integral part of our business strategy and we are glad to be the first bank to launch E-Guarantee services in the UAE. We will continue our keen efforts to enhance the experience of bank customers by providing the smart services necessary to save precious time and effort reinforcing the concepts of transparency and efficiency”, Mr. Alrefaei added.

“Being a strategic partner to the MOF, and the e-Dirham system, First Abu Dhabi Bank is committed to work according to the set plan to develop the system according to the highest global standards of E-Payment. This will make the process of collecting governmental services fees much easier as a first step to the application of the system on the national level, on the other hand it supports UAE’s dedication towards the adoption of the most advanced financial services” said Hana Al Rostamani, Head of Personal Banking Group, FAB.

Source: http://www.almasraf.ae/the-ministry-of-finance-launches-e-guarantee-in-collaboration-with-al-masraf/