Posted by Neil King
Dubai Financial Market (DFM) has become the first exchange in the world to launch the iVESTOR card - an innovative, flexible solution to cash dividend distribution.
The iVESTOR card, which has been launched in partnership with Network International, Visa and Emirates NBD, will be issued at no cost to over 30,000 investors in DFM companies for the 2009 financial year cash dividend.
Users of the cards will no longer have to wait for their cash dividend cheques to be posted to them or have to cash the dividend cheques into their bank accounts. Instead, the iVESTOR card allows DFM to quickly credit cash dividends directly into the card balance.
In addition, investors can use the card for cash withdrawals from the 650-strong Emirates NBD ATM network in the UAE credit or from any Visa or PLUS marked ATMs worldwide.
DFM said the launch of the product commemorates a decade of innovation and development at the leading exchange in the region, which celebrates its tenth anniversary this year.
Melanie Relton, the British Council's regional vocational education manager for the Middle East, recently claimed that the UAE is leading the way in entrepreneurial development in the Arab world by creating a culture of innovation and initiative.