Abu Dhabi, April 22, 2024: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced the signing of a partnership with Astra Tech, the leader in consumer technology in the MENA region and parent company of Botim. ADIB has become the first bank to provide users across the country access to financial services on the Botim Ultra app.
As per the agreement, ADIB and Botim will collaborate to develop the user-friendly pathways for Botim users to access ADIB services and products through their app. This partnership marks a first-of-its-kind collaboration aimed at seamlessly integrating Sharia compliant financial services into daily digital interactions, thereby enhancing accessibility for all.
This landmark achievement will leverage ADIB’s financial expertise alongside Astra Tech’s innovative Botim Ultra App. With Botim’s user base surpassing 8 million in the UAE, this partnership will integrate ADIB’s range of Sharia compliant banking products and services, into the Botim app.
The objective of this alliance is to establish a new market precedent by merging the reliability and depth of traditional banking with the agility and innovation of fintech.
Amit Malhotra, Global Head of Retail Banking at ADIB, commented: “This partnership is a prime example of embedded finance. We will work closely with Botim to develop the journeys where ADIB’s products and services can be directly accessed within the Botim platform, providing millions of users in the UAE with a seamless and secure way to bank right where they are. This solidifies ADIB’s position at the forefront of digital banking innovation and aligns with our commitment to both financial inclusion and sustainability, further strengthening our ESG goals.”
Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim, commented: “Joining forces with ADIB represents a significant step in our mission to revolutionize access to financial services. By working with ADIB to incorporate ADIB’s banking solutions into our ultra platform, Botim, we’re not just simplifying banking – but creating a new paradigm in how financial services are delivered in the digital era. This move is a testament to Astra Tech’s commitment to innovation and financial inclusion in the region.”
The collaboration is reflective of a recent trend in finance, whereby traditional financial institutions are increasingly integrated into consumer apps with the aim of improving customer convenience, digital innovation, and security in the banking sector.