The new service empowers corporate entities to move away from a manual dividend distribution process.
Thursday 12, September 2019 BY KUDAKWASHE MUZORIWA
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.
ADX stated that the digital wallet will empower users to manage their stock exchange requirements through the ADX Digital Wallet powered by Payit.
Khalifa Al Mansouri, the Acting Chief Executive of ADX, said that ADX has collaborated with Payit to provide a cashless digital wallet option to distribute cash dividends and the service will prove to be quick, safe as well as transparent, as it allows users to send and request money easily.
Additionally, the digital wallet service will allow investors to digitally pay for any ADX-related services directly through Payit at any ADX service centres across the country.
“The partnership with ADX demonstrates the power of digital cash distribution and allows the platform to reduce costs relating to manual operations and to improve their customer experience with real-time services,” said Ramana Kumar, the SVP and Head of Payments at FAB.
ADX recently introduced its digital platform ‘Sahmi’, which provides services for investors integrated with a SmartPass service and a whole-of-government initiative.