Mon 06-04-2020 16:18 PM
DUBAI, 6th April, 2020 (WAM) -- The Ministry of Finance, MoF, has announced the launch of the unified digital platform to settle fees for common federal and local government services, to find an optimal interconnected alternative with the aforementioned systems, and to provide shared government services without manual procedures.
The new platform will manage financial settlements and accounting operations, thus aligning data accuracy and ensuring speed, efficiency and effectiveness. The aim is to achieve sustainability of financial flows for federal and local revenue, using modern systems and technologies.
Younis Haji Al Khoori, Undersecretary of MoF, stressed that this platform is in line with the ministry’s endeavour to enhance cooperation with other government entities by bolstering FinTech platforms and services to achieve their strategic, operational and financial goals.
He said, "The platform, which was developed to the highest global security standards, links various local and federal government entities, and ensures the sustainability of financial flow for federal revenue."
For his part, Waleed Al Sayegh, Director-General of the Finance Department of Sharjah, lauded the Ministry's initiative, noting that it is a step that significantly and effectively contributes to strengthening joint financial work between federal and local entities in the UAE.
Al-Sayegh said that the Finance Department of Sharjah uses the latest digital systems when providing its services, and adheres to the highest standards of technology, confidentiality and information security. The link with the Ministry of Finance is in line with the tech infrastructure of the department, and is aligned with the approved financial systems and delivers the necessary efficiency, speed and accuracy, he added.
On the new platform, the data of the federal services provided by the systems of the federal authorities and the entities in local governments will be extracted and collected from various sources. It will then be used to issue digital, automated reports on the revenue owed by the authorities in local and federal government entities.
The platform will then settle the federal financial dues, through direct bank transfers, or by directly linking the local authorities’ systems, in addition to automatically implementing the processes of registering information on the federal financial system at the Ministry of Finance.