HE Dr. Mohamed Al Kuwaiti

Faraz Kahlid “CEO”

MD MEA

Al Tamimi & Partners

Ministry of Economy Senior Legal Advisor

2.        Peculiar Citation: Regulates Trading over tech means; Regulates the use of tech in trading and not regulating tech..and  Any exiting of future tech  “ E, D, D+…….etc” will tap into this law swiftly with no need to amend the law

3.        Collaboration with Stakeholders “Federal and Local”

Ø  Remit; Federal, Local, FFZ  vis a vis non Fin activities and FZ

Ø  Reaffirms the extended authorities for respective different entities

Ø  Collaboration to make ends meet

4.        Cornerstone Arenas addressed in the law

Ø  the protection of consumer interests vs obligations;

Ø  data: proprietary rights, classification,  protection; verification, cybersecurity, hosting, flow

Ø  the protection of intellectual property rights pertaining to the purchase of goods or services through modern technological means;

Ø  the provision of adequate technological protection measures to enable consumers to buy goods and services in a secure manner through modern technological means;

Ø  Digital Payment Gateways; the provision of secure digital payment methods and channels in accordance with the technical and regulatory standards and requirements approved or determined by the Competent Authority

Ø  Dispute Settlement: Litigation, Discretionary and Arbitration window for 50k+ transactions

Ø  Insurance; Discretionary/ obligatory

Ø  Functionality Equivalent Pary passu to trading over tech means as bricks and mortars

Ø  Rule of Law

Ø  Oversight with respective authorities as awarded

Ø  Ecosystem vis a vis Oversight

Ø  Admin Penalties

Ø  Marketing Campaigns

Ø  Unsolicited messages

Ø  Misleading info

Ø  360 Digital Contract

Ø  Paperless Invoices

Marwa AL Mansouri

Hani Weiss “CEO”

Mosam Gadia

Omar Bissar- Legal Advisor

2.        Compliance and oversight

3.        Social Media

Haisam Jamal

2.      General Focus of Distichain in the discussion under current law

3.      Challenges facing Digital B2B Trading

4.      Benefits of B2B digital trade to the ecosystem:

·        For traders, and particularly SMEs: (Use Case Alibaba boosting Chinese exports)

·        For service providers -significant cost saving of +10%.:

·         For authorities: Transparency, real time data and audit trail

5.      Regulation facilitating cross border trade:

·        Regulation is legacy and initiatives like the current law is extremely welcomed. That said it is one piece of the value chain and laws and processes across the value chain need to also evolve. Example, in many parts of the process of import/export original documents are required which can hinder the progress.

·        The evolution of technology and regulation should move simultaneously. This is a core competency of the UAE which we do not see in other countries.

·        Unlike local trade, cross border trade falls under several jurisdictions and this is key challenge of digitization. Different and sometimes varying rules in different countries, Documentation requirements from one country to the next on the same product may vary and this needs to be digitally accommodated. Once again the UAE is a leader in simplifying and updating requirements at a ministerial level.

6.       Ongoing challenges for B2B digitized trade beyond the current law:

·        International B2B payments & KYC/KYB standards. The banking sector is extremely challenging and struggles with innovation thus moving responsibility to Central Banks & Fintech companies.

·        Various methods of trading and diversity of processes, methods & use cases, unlike B2C which is very similar in process.

·        The cost and complexity of putting the puzzle together across verification, fintech, logistics, ports, customs, documentation, inspection, insurance….and their digital availability and readiness.

Lynaa Khazaal

2.       Understanding current statistics and trends

3.       Direct ordering platforms and white-labeling solutions

4.       Identifying pain points faced by business owners deciding to start selling online.

5.       Introducing RestHero as a leading social commerce platform Free of commissions to address all these challenges. 

6.       RestHero features and integrations optimizing orders & facilitating all the operational aspects of Businesses

7.       Our partnership with TikTok and the opportunities it presents for business owners