|26 June, 2019

Etisalat, Noor Bank join hands to offer mobile digital payment service

eWallet's multiple features enable hassle-free transactions

Service is safe, convenient, flexible and easy to use

Abu Dhabi: Etisalat and Noor Bank today announced the launch of eWallet, a new digital payment service aimed at empowering UAE customers with safe, convenient, and flexible payment solutions using a mobile device. The eWallet service is offered by a fintech company ‘Digital Financial Services’ — a joint venture establishment between Etisalat and Noor Bank, regulated and licensed as a Retail Payment Service Provider by the Central Bank of the United Arab Emirates.

Etisalat and Noor Bank have brought their key strengths in technology, banking, marketing, distribution networks, and superior digital experience to launch this new service, which is safe, convenient, flexible and easy to use. The partnership is in line with the UAE Vision 2021 of creating smart knowledge economies that will enable a shift to a cashless economy.

Eng. Saleh Abdullah Al Abdooli, CEO, Etisalat Group, said: “Capitalising on the current digital wave, Etisalat has transitioned to an integrated ICT solutions provider by digitising consumer needs across our markets. This is in line with the transformation of the telecoms industry, which has enabled consumers to adopt increasingly tech-savvy lifestyles, businesses to change the way they operate and deliver value, and governments to offer ever-smarter solutions on the route towards smart governments and cities. Our powerful digitally inspired vision ‘To Drive the Digital Future to empower societies’ has opened the doors of innovation by facilitating multiple modes of digital interaction that are customer centric and improve the overall experience.”

“Mobile banking today has the potential to be a game-changer, rapidly gaining ground across the globe and opening up a new dimension for daily transactions undertaken by consumers. This new digital mobile service will usher in a new era of digital payments in the country, changing the very definition of service for both the telecom and banking sector. This was made possible due to the continuous investments by Etisalat’s and Noor Bank’s infrastructure to enable a conducive ecosystem that is compliant, robust and flexible to provide a cashless future to all our customers.”

John Iossifidis, CEO of Noor Bank, said: “Noor Bank is committed to championing a robust digital payments landscape in the UAE. The launch of the eWallet solution, in partnership with Etisalat, is well aligned to our strategy of innovation and digital transformation. This first-of-its-kind partnership aims to develop a comprehensive eco-system in the digital wallets space regulated by the Central Bank of the UAE.”

He added: “At Noor Bank, we pride ourselves on adopting collaborative business models that deliver greater value for our customers. We are pleased to partner with Etisalat to accelerate the use of fast, secure and convenient cashless payments across the nation through the eWallet.”

eWallet will register customers – from individual users to business entities – who can share money through individual to individual transfers, merchant purchases, bill payments and salary payments, among many more services to be rolled out in due course.

Using a smartphone app, customers can easily manage their account, know their balance, and transfer money. Android users can download the eWallet app by visiting the Google Play Store while the iOS version can be downloaded from the App Store.

In addition to the digital registration, cash in and cash out, customers can perform all these activities physically by visiting Etisalat and Noor Bank branches. More services will be added through our preferred partners’ network to facilitate these activities in the future, to provide customers with nationwide coverage. For more details, please visit www.e-wallet.ae .

-Ends-

About Noor Bank
Noor Bank began operations in Dubai in 2008, as an Islamic financial institution. It is a full-service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Internal Shari’ah Supervision Committee, with extensive experience and expertise in Islamic legal, financial and banking matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%).  The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank.  For further details, please visit: www.noorbank.com or call 800 6667.

For media enquiries on Noor Bank, please contact:
Leah Majorie Banda  
Noor Bank
Email: Leah.Banda@noorbank.com
Susan Shoury
APCO Worldwide
Mobile:  +971 55 965 3647
Email: sshoury@apcoworldwide.com 

About Etisalat
Etisalat Group is one of the world’s leading telecom groups in emerging markets. Etisalat’s current market cap is AED 148 billion ($40.3billion). The company’s consolidated net revenues are at AED 52.4 billion and consolidated net profit at AED 8.6 billion in 2018. Its high credit ratings reflect the company’s strong balance sheet and proven long-term performance.
‎  Headquartered in Abu Dhabi, Etisalat was established over four decades ago in the UAE as the country’s first telecommunications service provider. An international blue-chip organisation, Etisalat provides innovative solutions and services to 143 million subscribers in 15 countries across the Middle East, Asia and Africa.

For further media information:
Nancy Sudheer,
Corporate Communications – Etisalat
Email nsudheer@etisalat.ae 

© Press Release 2019

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