ADX partners with FAB on digital wallet payit


ABU DHABI — Abu Dhabi Securities Exchange (ADX) has partnered with First Abu Dhabi Bank (FAB) to distribute cash dividends to its registered investors electronically through the bank’s digital wallet, payit. The digital wallet will empower users to manage their stock exchange requirements through the “ADX Digital Wallet” powered by Payit.

With payit, ADX now provides another method of distributing cash dividends to investors through its new portfolio of services which follows the efforts to become more customer-centric. The new service also empowers corporate entities to move away from a manual dividend distribution process through cheques or other means. The platform achieves this new approach through a real- time digital payout model, where investors receive the dividends instantly within their wallet as soon as it is distributed.

Khalifa Al Mansouri, Acting Chief Executive of ADX said: “In alignment with the Abu Dhabi Government’s digital transformation across all sectors and industries and as part of ADX’s continuous efforts to digitize its investors journey while tailoring its services to various stakeholders, ADX has collaborated with payit, providing a free cashless digital wallet option to distribute cash dividends electronically. We are confident that this digital wallet will prove to be quick, safe and completely transparent, as it allows users to send and request money easily. This latest initiative is an essential part of ADX’s contribution to the UAE’s vision of becoming a cashless society by 2020 through introducing digital services for its investors.”

For investors, receiving dividends within the payit app provides them with a host of payments services such as social payments, merchant and bill payments as well as international and domestic transfers. The sign-up process is instant and can be carried out rapidly by using Emirates IDs. Moreover, investors will also have the ability to digitally pay for any ADX-related services directly through payit at any ADX service centres across the country.

Commenting on this partnership, Abdulaziz Al Nuaimi, ADX Assistant Chief Executive said: “This partnership is the result of carefully-considered and longstanding efforts towards achieving the digital transformation long pursued by various state institutions. The unique digital wallet that has been created is a user-friendly tool that ensures an easy, smooth and rapid transfer of funds. In this synergy between our organisations, we can see successful alignment between the policies of government institutions, the private sector and investors from regional and global communities. This successful collaboration also provides a valuable case study that indicates future trends, as digital transformation becomes of increasing importance across both public and private sectors.”

Commenting on this agreement, Hana Al Rostamani, Group Head of Personal Banking at FAB, said: “We are delighted to partner with ADX in creating a solution that provides efficient and secure dividend distribution to investors. As one of the leading exchanges in the region, ADX, along with FAB, will continue to roll out a range of innovative solutions through payit to enhance overall customer experience.”

Ramana Kumar, SVP and Head of Payments at FAB, said: “This partnership with ADX clearly demonstrates the power of digital cash distribution. It allows ADX to reduce costs relating to manual operations and to improve their customer experience with real-time services. Through our various partnerships, we are promoting cashless, digital solutions for current and future generations.”

ADX has recently introduced its digital platform “Sahmi”, which provides services for investors integrated with a SmartPass service and a whole-of-government initiative. The new digital platform ‘Sahmi’ provides a unified service for investors, issues investor numbers and updates their information. The platform also enables them to inquire about profits or any information related to initial IPOs, transfer securities, issue reports related to investors’ portfolios, trading, deposited shares among other things. — SG