Abu Dhabi Securities Exchange partners with FAB for digital payments
ADX to provide dividend distribution through digital wallet payit
Abu Dhabi Securities Exchange (ADX) plans to distribute cash dividends to its registered investors electronically through First Abu Dhabi Bank (FAB) digital wallet, payit.
With payit, ADX now provides another method of distributing cash dividends to investors through its new portfolio of services. The new service also enables corporate entities to move away from a manual dividend distribution process through cheques or other means. The platform achieves this 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 ADX said: “As part of ADX’s continuous efforts to digitise 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.
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.