Abu Dhabi Islamic Bank (ADIB) has collaborated with a local fintech company to expand payment options for UAE consumers.
The fintech firm, DenekB, is part of Visa’s Fintech Fast Track program, and it allows UAE residents with a registered DenekB account 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 as well as the QR code,” the Islamic bank explained.
This latest measure is part of a string of digital initiatives by ADIB including the launch of Amwali, a pioneering Islamic digital banking service targeting children and youth specifically.