Ministry of Finance Organised 3 dialogue Sessions at GITEX Global 2024
18 October 2024
The Ministry of Finance has organised three specialised dialogue sessions at GITEX Global 2024, which kicked off on Monday, October 14, and concludes today, Friday, October 18, at the Dubai World Trade Centre.
The sessions provided a platform for exchanging ideas and experiences, bringing together experts and government officials to discuss the future of government financial services. The Ministry also highlighted its ongoing efforts to drive digital transformation within the government financial sector.
His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, stated: "Our participation in GITEX Global 2024 is an important opportunity to showcase the ministry's digital achievements in developing the government financial sector.”
He continued: “Initiatives such as 'Virtual Mona,' the 'Zero Bureaucracy' Programme, and the 'e-invoicing system' all contribute to our efforts in providing innovative financial services powered by artificial intelligence and data analytics, enhancing work efficiency and reducing routine procedures."
His Excellency also emphasised the Ministry of Finance’s goal to build a government financial system rooted in smart technology and transparency, aiming to meet the growing needs of customers and facilitate public financial management.
He highlighted that the ministry's sessions at GITEX underscored the importance of collaboration with various entities to adopt advanced solutions that reinforce the UAE’s position as a leading destination for government financial services.
"Virtual Mona"
In the first session, held on Tuesday, 15 October, a select group of experts and specialists in financial technology, along with representatives from various government and private entities focused on digital transformation, gathered to discuss the ministry’s latest digital initiatives, particularly "Virtual Mona".
This intelligent financial data consultant is designed to support decision-making by integrating augmented reality, artificial intelligence, and generative data analytics to fully leverage available data. This allows senior management and decision-makers to gain accurate insights for informed decision-making.
Additionally, it offers employees an easy mechanism to access valuable information through generative data analysis, representing a significant step towards a data-driven government.
Zero Bureaucracy
The second panel discussion, held on Wednesday, 16 October, focused on the "Zero Bureaucracy" Programme, highlighting the key initiatives launched since the programme’s inception in 2023. These include customer councils, interactive innovation labs, the "Zero Bureaucracy Heroes" Award, digital consultation, and the launch of the "Zero Bureaucracy Initiative" page on the ministry’s website. All these initiatives aim to streamline processes and develop innovative technical mechanisms for providing services without human intervention.
The session reviewed the results achieved by the ministry, including improved transaction efficiency and reduced administrative burdens on customers, such as cutting the steps in the customer journey by 50%, shortening time, approvals, and required documents, and providing AI-powered platforms for responding to tax and accounting inquiries.
It also developed a unified supplier portal on the digital procurement platform and introduced innovative technical mechanisms without human intervention to approve customer requests on the Automatic Information Exchange platform.
As part of the bureaucracy elimination efforts in responding to accounting inquiries for federal entities, the customer experience in this service has been completely redesigned using generative AI technology to respond instantly to inquiries without human intervention, offering the service 24/7, and proactively providing answers based on customers' historical data.
E-Invoicing System
The Ministry of Finance concluded its panel discussions by presenting the "e-invoicing system" project, which is one of the ministry’s transformative initiatives launched in cooperation with the Federal Tax Authority. The system aims to simplify and standardise invoice issuance processes by facilitating the exchange of electronic invoices between suppliers and buyers in an integrated digital format.
This approach offers a new method from which both companies and government entities can benefit, allowing for instant invoice exchange and a smooth process for preparing and submitting tax reports to the Federal Tax Authority in the UAE.
The session also highlighted the key benefits of the project, including curbing VAT evasion by enabling reconciliation and assisting in the pre-filling of certain data in VAT returns, speeding up refund processes, and promoting ease of business by reducing transaction costs and the time taken to process invoices. The ministry explained that the project involves multiple phases, including drafting laws and regulations that will enhance tax compliance and simplify procedures.
The panel discussions received notable engagement from the targeted participants, with the ministry reaffirming its commitment to achieving comprehensive digital transformation in the government financial sector.
This is evident through the ambitious initiatives announced during its participation in GITEX Global 2024, which aim to establish a more efficient and transparent government financial sector capable of meeting all customer needs and providing innovative services that enhance the UAE’s position as a leading global financial hub.
