Abu Dhabi Securities Exchange (ADX) has entered into a partnership agreement with First Abu Dhabi Bank, which aims to distribute cash dividends electronically to registered investors.

The agreement was signed by Assistant Market Executive Abdul Aziz Al Nuaimi and First Deputy Chief Executive of First Abu Dhabi Bank and Head of Corporate and Investment Banking, Andre Sayegh.

The Abu Dhabi Securities Market's digital payit portfolio provides a new way to distribute cash dividends to investors and enables the market to become a hub where customers can return when needed to save time and effort, the statement said.

The new digital wallet provides various economic entities and companies with an opportunity to take advantage of this mechanism as an alternative to the traditional methods of dividend distribution such as checks or other means.It also has the advantage of immediate dividend distribution, which is deposited in the customer's wallet immediately upon distribution.

Khalifa Al Mansouri, Acting Chief Executive Officer of ADSM, said that the digital wallet provides customers and investors with a new option, which is a free and non-cash digital wallet to distribute cash dividends electronically. Money and receive it easily and quickly.

He stressed that this initiative is an essential part of ADSM's contribution to the UAE's vision of becoming a (non-monetary) society by 2020 by providing digital services to investors.

ADSM's Assistant Chief Executive, Abdul Aziz Al Nuaimi, said the partnership is a natural extension that has resulted from successive efforts to achieve the digital transformation pursued by various state institutions.

He added that this e-wallet is a modern tool that facilitates the transfer of funds to users, and is one of the points where the policies of various government institutions meet with the private sector and investors from the local and foreign community, and is also an indication that digital transformation will be the dominant character of the various procedures in the public and private sectors. Both.

Andre Sayegh, Executive Vice President of First Abu Dhabi Bank Group and Head of Corporate and Investment Banking, expressed confidence that the Bank's partnership with the Abu Dhabi Securities Exchange (ADX) will provide benefits to investors and represent a further step towards reaching a non-monetary community. .

Hana Al Rostamani, Head of Retail Banking Group at First Abu Dhabi Bank, said that our partnership with Abu Dhabi Securities Exchange aims to find effective solutions to ensure that customers' profits are distributed easily and safely.