Abu Dhabi Nov, 04 (WAM) - As part of its ongoing efforts to continuouslyoffer new and improved products and services through the latest technology,ADCB announced today the provision of E-guarantees for small businessowners. Introduced to facilitate and simplify the labour guarantees issuingprocess lodged with the Ministry of Labour (MoL), ADCB will offer theefficient and cost effective service through its network of 36 branches,according to a press release issued today.
Ajay Bimbhet, Head of Retail at ADCB, hailed the move as another milestoneachievement, 'We are delighted to be able to facilitate our customer'sbusiness needs with the introduction of this new service. Any small businessowner is required by law to issue a labour guarantee. Now ADCB customersare able to utilise the E-Guarantee procedure from any one of our branchesfor the face value of the guarantee plus an additional service charge,which is significantly less than the current Letters of Guarantee system.'Simply by uploading their E-Dirham card at any ADCB branch, business customersare alleviated of the need to make an extra journey to the MoL when needingto submit labour guarantees. Once the E-Dirham Card is uploaded the processis centralized at ADCB Head Office which manages the transaction of thelabour guarantee payment with the MoL.
The E-Dirham is a pre-paid smart card devised by the Ministry of Finance& Industry (MoFI) in order to facilitate collection of revenues, providingthe Government with a secure payment method, and providing a convenientpayment tool for business customers.
'By using the bank's state-of-the-art technology we are able to centraliseall support and back office operations, eliminating the replication acrossmultiple locations and branches. The new system we have put in place isdesigned to ease the procedures for obtaining the E-Guarantees. Turn-aroundtime is also reduced as it is delivered on the spot when all the necessarydocuments are presented,' said Steve Dickens, COO of ADCB.
The provision of E-guarantees is in line with ADCB's business strategy,which will see it grow both its physical presence and enhance its manyofferings as it strives to be one of the UAE's most modern and serviceorientated banks.
