|10 September, 2019

ADX partners with FAB to provide dividend distribution through the digital wallet PAYIT

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

ADX partners with FAB to provide dividend distribution through the digital wallet PAYIT

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.

H.E. Khalifa Al Mansouri, Acting Chief Executive of ADXsaid: “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.

-Ends-

About Abu Dhabi Securities Exchange:
Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions.
ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA).
In 2014, ADX was upgraded to ‘Emerging Market’ status by both MSCI and S&P Dow Jones. ADX was already classified as an Emerging Market by FTSE in 2009 and in 2011 by S&P and Russell Investments.

For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication & Digital Marketing
Marketing & Corporate Communication Department
Tel: 00971 (2) 6128774
Mobile: 00971 (50) 6689733
Email: ALKhateebA@adx.ae 
Habib Bacha
General Manager
Newgate Communication
Tel: 00971 (2) 4420423
Mobile: 00971 (50) 1113799
Email: habib.bacha@newgatecomms.com 

© Press Release 2019

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