The Abu Dhabi Islamic Bank (ADIB) has launched a digital forex platform to help its customers get a better foreign exchange rate online and also ease the transaction process.
The digital forex platform, launched by ADIB is called ‘ADIB Direct eFX. It is an extension of ADIB Direct, an integrated digital banking platform for businesses.
The global head of transaction banking at ADIB, Haytham Elmaayergi told the media, “The launch of ADIB Direct eFX provides a significant addition to the ADIB Direct digital platform, allowing corporate clients to access foreign exchanges services to support their imports and exports with just a few clicks.”
He added, “Through ADIB Direct’s integrated dashboard, clients no longer need to call the treasury desk or visit branches to get currency rates but can obtain them from the comfort of their office.”
Besides launching the digital forex platform, ADIB launched Smartbanking which allows customers to open a bank account, receive their debit cards and cheque books without having to visit a branch or complete any paperwork.
The whole process can be completed by logging into the bank’s digital app. The facility was launched to target the millennials in the country.
The platform also provided the facility to transfer money to people in their contact list simply by selecting a contact number or a moneysmart community nickname for instant transfers.
Last year, ADIB signed a memorandum of understanding with Al Baraka Banking Group to leverage Bahrain-based Al Baraka’s geographic presence in 17 countries.
According to media reports published last month, Abu Dhabi Islamic Bank is planning to save around $136 million by cutting jobs and closing branches in the UAE.