Abu Dhabi Islamic Bank (ADIB) has signed a partnership agreement with Astra Tech.
The deal makes ADIB the first bank to provide users across the UAE access to financial services on the Botim Ultra app.
Under the agreement, ADIB and Botim will collaborate to develop user-friendly pathways for Botim users to access ADIB services and products through their app. The partnership marks a first-of-its-kind collaboration aimed at seamlessly integrating Shariah-compliant financial services into daily digital interactions, thereby enhancing accessibility for all.
The landmark achievement will leverage ADIB’s financial expertise alongside Astra Tech’s innovative Botim Ultra App. With Botim’s user base surpassing eight million in the UAE, this partnership will integrate ADIB’s range of Shariah-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.
“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,” said Amit Malhotra, Global Head of Retail Banking at ADIB.
“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.”
“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,” said Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim.
The collaboration is reflective of 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.
