Emirates Integrated Telecommunications Company, the Dubai telecom operator known as du, is open to adding cryptocurrency and investment tools to its recently launched financial technology platform, the chief executive of the new unit has said.
The potential additions, which would significantly help investors manage their investment portfolios, would be made through partnerships in the future and in accordance with UAE regulations, Nicolas Levi told The National on Monday at the launch of the du Pay FinTech service.
"Cryptocurrencies are being used as an investment. Will we have an investment product one day potentially? I'm not saying no to that. Will we use crypto for our own transactions? There are some plans with the [UAE] central bank to work on that," he said in an interview.
The UAE Central Bank does not recognise cryptocurrencies as legal tender. However, the apex financial regulator in March 2023 began implementing Digital Dirham, its own central bank digital currency.
A CBDC is a digital form of a government-issued currency. They are similar to cryptocurrencies, except that their value is fixed by the monetary authority and equal to the country's fiat currency.
Digital Dirham is one of the nine initiatives under the central bank's Financial Infrastructure Transformation Programme, which is meant to prepare the country for the future of finance.
Furthermore, the UAE Central Bank has allowed legitimate crypto businesses to open bank accounts, as the Emirates is working with decentralised financial businesses to find solutions to real-world use cases.
"[Having investment tools and crypto would be] through partnerships. We do not close the door to that," Mr Levi said, though he did not give a timetable for such a move.
"It could also be part of the international money transfer journey, because then you rely on the trust and you don't need to have a bank account in [your] home country."
Du Pay is the company's first foray into the fast-growing FinTech space. It was soft-launched earlier this month after the telecom operator in March received clearance from the UAE Central Bank to offer FinTech services.
It offers a range of financial services, including domestic and international transfers, bill payments and recharging, cash-in and cash-out services, and receiving salary through a unique IBAN number, among others.
The increasing use of mobile platforms to gain access to financial services is also growing in the UAE, with the use of digital wallets and online payments consistently rising.
Globally, the total transaction value in the digital payments market is projected to hit nearly $16.7 trillion by 2028, from an estimated $11.53 trillion in 2024, growing at a compound annual rate of more than 9.5 per cent, data from Statista shows.
Abu Dhabi's e&, the global technology company formerly known as Etisalat Group, already has its e& pay platform, which is being positioned as a "super app", or an application that serves as a one-stop shop for all essential services.
Du's entry into the FinTech space, on the other hand, comes amid "very healthy" competition in the market, Fahad Al Hassawi, chief executive of du, told The National.
Any plans for a super app would be announced separately; for now, du does not want to "overcomplicate" its strategy and is confident about a service that consumers can "start using immediately", he said.
Du Pay is also being positioned to help bridge the gap in the financial market's underserved demographic, as FinTech services are more convenient and can be easily accessed through a mobile phone.
"The market has always been, remains ... and will always be very healthy from a FinTech point of view ... we had many things we were working on, so it was a matter of finding or putting this on the list of priorities that we have to do," Mr Al Hassawi said.
"We remain ... a relatively smaller company than other groups, so it's a matter of selecting our priority and finding the right resources ... because we are venturing into an area where we also understand it's not the natural comfort zone for telco."
THREE
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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UAE currency: the story behind the money in your pockets
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
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At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
More from Neighbourhood Watch:
UAE currency: the story behind the money in your pockets
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More from Rashmee Roshan Lall
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
more from Janine di Giovanni
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
Europe's top EV producers
- Norway (63% of cars registered in 2021)
- Iceland (33%)
- Netherlands (20%)
- Sweden (19%)
- Austria (14%)
- Germany (14%)
- Denmark (13%)
- Switzerland (13%)
- United Kingdom (12%)
- Luxembourg (10%)
Source: VCOe
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Match info
Huddersfield Town 0
Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Abu Dhabi race card
5pm: Maiden (PA) | Dh80,000 | 1,600m
5.30pm: Maiden (PA) | Dh80,000 | 1,400m
6pm: Liwa Oasis (PA) Group 2 | Dh300,000 | 1,400m
6.30pm: Arabian Triple Crown Round-2 (PA) Group 3 | Dh300,000 | 2,200m
7pm: Wathba Stallions Cup (PA) Handicap | Dh70,000 | 1,600m
7.30pm: Maiden (TB) | Dh80,000 | 2,200m
