One of the largest banks in the UAE has partnered with FlexxPay to provide Shariah compliant on-demand pay services to companies in the Emirates.
By engaging FlexxPay, Abu Dhabi Commercial Bank (ADCB) will be able to offer its corporate clients the option of providing digital bank accounts to their unbanked employees via the FlexxPay app. The app allows users to access earned wages on demand at zero interest rate, perform bank transfers and start a savings plan among others. The partnership also gives employers access to ADCB’s payroll services and FlexxPay benefits.
FlexxPay, founded in 2021, received a Fatwa certifying the compliance of its product from Al-Marjea for Professional Consultation and Shariyah Review Bureau in January 2022. It is currently operational in Saudi Arabia, the UAE and Egypt.The start-up is working on introducing more products this year, including microinsurance schemes. FlexxPay debuted its first microinsurance product last November – a life insurance coverage.
This latest initiative is part of ADCB’s wider digitalization strategy across the group, which has seen the group investing heavily into technology. The ADCB Mobile Banking app broke the one million subscriber threshold at the end of September 2022 while the group’s subsidiary, Al Hilal Bank, completed its transformation into a fully digital Islamic bank last February. ADCB also joined the Arab Monetary Fund’s regional cross-border payments system Buna in July.