Dubai-based fintech e-Mal has officially inaugurated its full-fledged digital financial platform that aims to revolutionise the way individuals and businesses transact to make payments, micro-lending and associated products. Based on Blockchain technology and powered by eFatoora, (the start-up of 18 months with several awards to date), e-Mal launched a fully-fledged ecosystem allowing digital payments to be made safely and securely, using e-Mal Tokens (EML), a fiat backed digital currency that can be stored in the e-Mal wallet.
The launch supports Dubai’s aspirations and mandates to become a regional and global leader for digital and paperless transactions. Yasmine Khan, the founder and CEO of e-Mal, said its digital currency comes as a natural progression from the paperless mandates to smart contracts. “We offer a comprehensive secure infrastructure that replaces traditional financial transactions, allowing contracts to take place in a more efficient, cost-effective, and secure manner using the speed of the blockchain.
We were overwhelmed in such a challenging market to be supported by friends and family and reach our $185 million hard cap,” stated Khan. “With smartphones becoming an integral part of everyday life, people are always looking for more convenient ways to conduct their business on the go. e-Mal offers users a seamless and secure digital system that allows them to settle financial transactions from any location,” he added. The e-Mal tokens, EML allows smooth transfers and payments for various transactions, including government services, utility bills and acquiring goods and services from multiple vendors.
The e-Mal PoS also allows cash out, something that has never been done before in the region, said Khan. Unlike many other digital currencies, e-Mal will promote fiat transactions, pegging and backing the values of fiat currency to the token itself. EML is pegged to the US dollar, thus creating zero volatility, he noted. The e-Mal digital currency is expected to promote business growth by minimising the cost of money transfer while promoting eco-friendly practices by cutting down paper transactions. EML (The abbreviated coin name) will be traded physically using the typing centers and will be listed on exchanges, in addition to e-Mal’s very own exchange. Users will also be able to purchase, withdraw, trade, cash out and exchange EML tokens and other digital coins using the EML exchange platform. The tokens are safely stored in e-Mal Wallet, which is available on app stores for both iOS and Android. The e-Mal app features a number of functions designed to help users manage their tokens on the go.
Abdullah Al Nasser, the chairman of Araa Group advocates and Legal Consultants, the country’s first law firm to implement blockchain contracts, said: “For example, the e-Mal Fin-Hub function, enables users to access salary cards, smart loans, smart savings and transfer instantly, the e-Mal Info-Hub features trending global stories, government and monetary news, as well as e-Mal updates, while the e-Mal Utility Hub allows users to easily pay utility bills, recharge their mobile phones and also avail special offers under one roof – the e-Mal ecosystem.” “Contracts executed through the Blockchain are highly secure, reliable and enforceable at Dubai courts, which adds an additional layer of protection to contracting parties’ rights,” stated Al Nasser.
By creating a whole new peer to peer ecosystem, e-Mal aims to revolutionize the way individuals, businesses and entrepreneurs transact to make payments, micro-lending and associated products such utility bills, domestic and Cross-Border remittances, micro savings and much more, he added.