The Ministry of Finance reviewed 8 initiatives within its package of smart applications, services and projects during its participation in the “GITEX Global 2024” exhibition, which began on October 14 and will conclude next Friday at the Dubai World Trade Center. These initiatives fall within the Ministry’s strategy to achieve a comprehensive digital transformation that contributes to… Enhancing the efficiency of public financial management and government financial services and improving customer experience, in addition to supporting vital sectors in the national economy, most notably the electronic invoicing system, “Virtual Mona,” the “Payroll Administrator,” the digital procurement platform catalog via the Ministry’s smartphone application, and integrated support for technical solutions. And generative artificial intelligence services to enhance the digital services experience, the “digital twin” and the gateway for automatic information exchange.
Role model
Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, said: “The innovative digital projects and initiatives implemented by the Ministry of Finance represent a fundamental pillar for achieving the vision of “We are the Emirates 2031” and the goals of the “UAE Centenary 2071.” Through these projects, we aim to strengthen the UAE’s position as a financial destination. A pioneer at the global level, providing a role model in financial management and sustainable development.”
He added that our participation in the GITEX platform comes from our keenness to enhance the role of innovation and technology in developing financial services and contributing to the sustainability of the national economy. We at the Ministry of Finance are committed to implementing strategic projects that enhance digital transformation and ensure effective management of public finances, which contributes to achieving our goals aimed at enhancing sustainability. Finance and developing an advanced financial infrastructure in line with global economic developments.
Electronic invoicing
The project to develop a digital invoicing system, whose objectives and advantages were highlighted by the Ministry during the exhibition, is one of the Ministry’s most prominent transformational projects, as it aims to simplify and unify the processes of issuing invoices by exchanging them between suppliers and buyers in an integrated electronic form, which constitutes a new approach from which companies and entities benefit. The government prepares invoices instantly and facilitates the process of preparing tax reports smoothly and submitting them to the Federal Tax Authority in the country, as the project contributes to reducing value-added tax evasion, enhancing ease of business, reducing transaction costs, and reducing the time taken to process invoices.
The target groups of the project are the federal government, local governments, technology service provider companies, multinational companies, and large, medium, and small companies. The project includes multiple stages, and the electronic invoicing system is scheduled to be completed at the end of 2026, as the Ministry has a strategy that allows the project to be implemented gradually, enabling companies To enter into the scope of electronic invoicing smoothly starting in 2026, and the stage from October 2024 to December 2025 includes drafting laws and executive regulations that will contribute to improving tax compliance and simplifying procedures and disseminating them with the aim of seeking opinions and comments on them and then final review and issuance of laws and regulations.
“Virtual Mona”
As part of its efforts in proactive digital transformation and to reflect its keenness to keep pace with the latest innovative technologies in the field of financial data to provide accurate government statistics that are in line with technological developments by applying artificial intelligence techniques, the Ministry of Finance, as part of its participation in the GITEX exhibition, launched the “Virtual Mona” initiative, the artificial intelligence advisor for financial data, In an effort to support the decision-making process by integrating augmented reality, artificial intelligence, and generative data analysis technologies with the aim of taking full advantage of the data available to it, which enables senior management and decision makers to obtain accurate insights to make sound decisions, in addition to providing an easy mechanism for employees to access useful information from… Through generative data analysis, which represents an important step towards a more data-driven government.
“Intelligent Payroll Administrator”
During the GITEX exhibition, the Ministry of Finance announced the launch of the “Smart Payroll Administrator,” an innovative system that combines robotic technologies and generative artificial intelligence to create a qualitative shift in the management of monthly payroll operations. This system is distinguished by its superior ability to carry out repetitive operations accurately and quickly, as the robot runs these operations on a monthly basis, while artificial intelligence analyzes the employees’ huge data, allowing the discovery of unusual patterns and ensuring the accuracy of disbursement.
This system was fully developed within the Ministry of Finance, and is subject to continuous evaluation by a team of specialists to ensure that it keeps pace with best practices. This innovation reflects the Ministry of Finance’s commitment to providing advanced technical solutions that contribute to improving various administrative processes, allowing employees to focus on their basic tasks and achieve their professional goals with high efficiency. .
Digital purchases
The Ministry launched the smartphone application (Electronic Shopping – to purchase from the digital purchasing platform catalog), which is an initiative to develop and facilitate the purchasing journey from the catalog for users by developing the (Electronic Shopping) application, with the aim of increasing the entities’ use of purchasing from the catalog and thus ensuring the achievement of the desired goals of the application. E-procurement in the federal government, which focuses on – reducing the purchasing process from 60 days to 6 minutes and providing an easy and flexible user experience to ensure increased customer satisfaction, enhance the efficiency of government spending, support small and medium companies and enhance their participation. The expected impact of this initiative is other than facilitating the purchasing journey. Through easy and flexible interfaces, easy access and navigation between pages, classifying products and services into main categories to clarify the available options of products and services, providing multiple channels for easy access to the catalog and electronic shopping (system and application), in addition to providing an advanced feature to search for products and services and increasing the adoption of the catalog by entities, which will lead to To save costs.
Technical solutions
The integrated support project for technical solutions was presented, which is an integrated link between the automated instant chat robot “Musaed” and the “Microsoft Teams” program. It represents an innovative project that gives users an exceptional opportunity to access self-support technical support services and handle technical faults themselves through the most widely used channel available to everyone. Around the clock, the “Musaed” platform provides immediate and automated solutions to 34 common technical malfunctions, enabling users to handle the malfunctions themselves. The platform also contains proactive solutions that help in dealing with malfunctions before they occur without the need for human intervention.
Generative artificial intelligence
During the GITEX activities, the Ministry presented a project to adopt generative artificial intelligence services, to enhance the user experience in the digital services provided. It includes several vital applications that use the latest technologies and innovations in the field of artificial intelligence to achieve its goals. It is directed to individual customers, companies, and users from government agencies, as the project aims to Improving interaction with users by providing immediate and personal interactions with them, which enhances their response and satisfaction and reduces the time required to submit requests, and customize services to meet the needs of customers by collecting and analyzing user data to provide customized services that meet their individual needs, enhance efficiency and productivity, and provide innovative and immediate solutions that adapt to… Changing market needs, and providing advanced user experiences and smart services that interact with user inquiries immediately and accurately.
“digital twin”
The Ministry also reviewed the “Digital Twin” project, which is a virtual representation of a physical object, system or process from the real world. It reflects the behaviour, conditions and performance of its real-world counterpart by integrating sensors, data analytics and artificial intelligence models. The digital twin allows the simulation and analysis of the physical entity, providing insights that can help improve performance, make decisions, and predict future results. The project, which targets Ministry of Finance employees, is being developed using the Unity game engine to provide an immersive experience for users by simulating realistic disaster scenarios, which allows… Users can interact with virtual disaster environments in a way that simulates actual conditions, contributing to improved emergency preparedness and response.
Automatic exchange of information
The Automated Information Exchange Portal is one of the new initiatives launched by the Ministry of Finance to enhance tax transparency at the international level. This initiative comes within the framework of the commitment to implement the Common Reporting Standard (CRS – Common Reporting Standard), which aims to prevent tax evasion and enhance compliance through the automatic exchange of financial information between countries.
Through this electronic portal, financial institutions in the UAE will be able to provide information about the financial accounts of individuals and companies that fall within the scope of the Common Reporting Standard (CRS) and share this information with the tax authorities in those countries in a smooth and secure manner. The main goal is to promote and increase tax transparency in the international tax system and combat tax evasion.
The portal includes smart tools based on risk identification, making it easier for regulatory authorities to review reports and identify high-risk reports. Through the system, information can be exchanged with the push of a button, reducing effort and increasing exchange efficiency.
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