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Source: Thomson Reuters.   Last updated on Sep 21, 2019 at 14:04PM (UTC).   Delayed by at least 15 minutes.
Dubai Financial Market Launches “myAccount” Electronic Service Strengthening its Leading Position in the Field of Dividends Distribution
Sep 11, 2019
As part of its strategy to provide market participants with smart and efficient solutions in line with the leadership’s digital transformation vision, the Dubai Financial Market (DFM) today launched “myAccount” service, an electronic account that enables investors to seamlessly transfer dividends amounts to their iVESTOR Card accounts, bank accounts as well as to pay for IPOs and Right Issues subscription.

The new solution reinforces the DFM’s leading position in terms of Financial Technologies (FinTech), particularly the cash dividends distribution service the DFM provides since 2011 in a leading step globally.
 
Commenting on this, His Excellency Essa Kazim, Chairman of DFM said, “The DFM’s strategy focuses on development and innovation as well as employing advanced FinTech to provide customers with smart solutions in line with the leadership’s vision on smart services and digital transformation. Accordingly, our constant efforts in this field have completely changed ways of service provision in capital markets sector. Today, we are pleased to launch the “myAccount” service crowning our journey of excellence, as we are currently running one of its kind all-inclusive dividend distribution platform amongst financial markets globally. Undoubtedly, such efforts and investments underline our commitment to build upon foregoing successes in order to achieve highest levels of customers’ satisfaction, strengthen the leading position of DFM in terms of investor services as well as fortify Dubai’s position as global center of excellence in various sectors with financial services and capital markets at the forefront.”

“The DFM has successfully amassed notable capabilities in terms of cash dividends distribution services, as the new “myAccount” electronic service has been designed and implemented internally by our comprehensive specialized team,” Ali Al Hashimi, Executive Vice President and Head of Financial Services Division of DFM said.
 
“The DFM has executed 1.3 million transactions to the new electronic accounts with a total value of AED 1 billion. Henceforth, investors can access their accounts and directly transfer to iVESTOR card accounts, bank accounts or use the account balance to take part in any IPOs and Right Issues implemented on the market. Certainly, the new service alongside our previous initiatives such as the launch of the iVESTOR Card, the Dividend Distribution System (DDS) and the iVESTOR Card Control solution led to significant leap in customers’ experience, making cash dividends at the fingertips of DFM’s enormous and diversified investor base that exceeds 844 thousand investors wherever they are and whenever they want,” Al Hashimi added.

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