Dubai, UAE – 13 September 2023: Astra Tech, the leading consumer technology holding group in the MENA region, announced a strategic partnership with Dubai Insurance Company to offer the Involuntary Loss of Employment (ILOE) Insurance Scheme on Botim. The partnership means that the Botim ultra-app becomes the first multi-service fintech platform to integrate the government-mandated insurance program, directly within its all-encompassing ecosystem. To further incentivize nationals to subscribe via Botim, the app offers its VIP Membership as an add-value to spearhead the initiative for one month.
In conjunction with the implementation of the Federal Decree Law No. 13 of 2022 concerning the Involuntary Loss of Employment (ILOE) launched on January 1st, 2023, Emiratis and Residents working in the federal government and private sectors are mandated to enroll into the insurance scheme and pay insurance premiums. Botim users can no effortlessly subscribe and conveniently sponsor their insurance premiums using various payment methods—all seamlessly integrated within the Ultra-App. Building on the app’s existing services like visa processing and bill payments, the ILOE now takes its place as the latest inclusion in Botim’s comprehensive suite of government offerings.
Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim, said: “The launch of the crucial ILOE government service within our Botim ecosystem is a natural progression aligned with our strategic partnership approach. Remaining true to our mission of simplifying users’ daily lives, this move brings us closer to establishing a comprehensive ecosystem that fosters harmonious synergy among the government, public, and private sectors—perfectly mirroring the UAE’s national agenda.”
This partnership propels Botim closer to its vision of becoming the all-inclusive ultra-app catering to the financial inclusion needs of UAE residents and citizens. The streamlined service offered through the esteemed Dubai Insurance Company ( manager of the ILOE insurance pool) positions Botim as a trusted partner for financial and government services within the UAE. As declared by the Ministry of Human Resources and Emiratisation (MOHRE), the deadline for subscriptions approaching on October 1st, 2023, the newly added service offers a user-friendly, instant and integrated channel for new and existing users to enroll.
Abdellatif Abuqurah, CEO of Dubai Insurance, said: we are happy to have Botim joining the Involuntary Loss of Employment Subscription channels being one of the top Fintech Apps in the UAE. This will allow the workforce in UAE have access to a multifunctional app that provides all the needed services that a person would need daily and to be able to subscribe to the mandatory insurance scheme, the Involuntary Loss Of Employment (ILOE) in a seamless user experience “
The national mandate will see users benefit from cash compensation in the event of an involuntary loss of employment, receiving 60% of their average basic salary credited over the last six months. Accounted categories include employees with a basic salary of 16,000 AED or below , the scheme offers a maximum of three-month compensation up to 10,000 AED per month . Those exceeding a basic salary of 16,000 AED, receive monthly compensation up to 20,000 AED for the same duration, offering a critical lifeline during challenging times.
This partnership further underscores fintech’s potential to address individuals’ financial concerns with practical solutions. Users gain access to a versatile tool that not only streamlines financing but also serves as a portal to various governmental services—all conveniently available under one roof. Astra Tech is paving the way for future innovative offerings that push the UAE’s digital-first vision to new heights. This partnership extends beyond the realm of insurance, positioning the app as a conduit for compliant financial services and beyond, further enriching users’ daily lives through innovative and indispensable offerings.
