ADIB Partners with DenekB, a UAE based FinTech company, to Expand Digital Payment Choices for Consumers in the UAE
Abu Dhabi, UAE; 14 September 2021: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, today announced its partnership with DenekB, a UAE based financial technology (FinTech) company, that is part of Visa’s Fintech Fast Track program, to expand payment options for consumers in the UAE.
Through this partnership, UAE residents with a registered DenekB account will be able to create their Virtual Visa Prepaid Card instantly that is powered by ADIB. The platform features digital prepaid solutions that will allow customers to conduct cashless money transfers, as well contactless payments delivering a quick and safe customer experience. Through this partnership, registered DenekB account holders, will also be able to conduct contactless and frictionless payments using secure Near Field Technology (NFC) as well as QR Code.
Philip King, Group Head of Retail Banking at ADIB said: “We are a firm believer in the tremendous potential of innovation and therefore we have been actively partnering with FinTechs and digital start-ups to create banking solutions that will offer more convenience and inclusion to our customers. We are excited to be the first UAE bank to partner with DenekB. This partnership speaks to our accelerated deployment of market-leading digital capabilities that deliver simple, affordable and convenient solution to cater to their payment needs to keep pace with the way that we live, work, and do business.”
Kamal Asif, Founder & CEO of DenekB, said: “We’re delighted to be partnering with Visa and ADIB to launch this exciting platform. This partnership is further testament to our commitment to providing consumers with convenient, safe and secure high-quality financial services especially for the people who now more than ever need it the most – the underbanked individuals & underserved merchants. Consumers need a transparent and robust platform that puts them in the driver’s seat of their hard-earned wages & merchants seek a platform which abide by their requirements. DenekB offers them that and more.”
Shahebaz Khan, General Manager of Visa UAE, added: “Unlocking access to opportunities presented by the digital economy is fundamental to Visa’s mission and business. Through this partnership with ADIB and DenekB, we will be able to extend access and economic inclusion so that more consumers and businesses in the UAE can enjoy the benefits of digital payments. We hope to bring our expertise to play in this partnership to help transform the consumer experience and co-create the future of seamless payments in the region.”
This innovative offering is the latest in a series of digital product launches that aim to create simple, intuitive, and seamlessly connected banking experiences for customers. Recently, ADIB partnered become the first UAE bank that provides instant and secure account opening using Emirates Face Recognition. ADIB also launched Amwali, the first Islamic digital bank that brings together an entire suite of banking products and innovative technology for children and youth.
ADIB’s efforts to be at the forefront of banking innovation have been widely recognised. Last year, the bank was named “World’s Best Islamic Digital Bank” by Global Finance and the Best Bank in the UAE by Forbes magazine.