May 23, 2024

ADIB And Astra Tech Ink A Strategic Partnership

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ADIB becomes the first bank to offer integrated financial services through Astra Tech Powered Botim App in Middle East
Amit Malhotra, Global Head of Retail Banking at ADIB, and Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim. Image Courtesy: ADIB

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 offer all users across the country access to financial services on the Botim Ultra app. As per the agreement, ADIB and Botim will announce a partnership to develop client-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.

Industry sources added that the objective of this partnership is the establishment of a new market precedent by merging the reliability and depth of traditional banking with the agility and innovation of fintech.

Industry sources further added that this accomplishment will utilize 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.

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 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 partnership also displays a recent trend in finance, whereby traditional financial institutions are increasingly integrated into consumer apps to improve customer convenience, digital innovation, and security in the banking sector.

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