Botim Money has launched virtual IBAN-enabled wallets in the UAE. The fintech platform is targeting blue-collar workers who have historically been excluded from conventional banking services.
The product allows eligible users to obtain an International Bank Account Number (IBAN) in their own name.
This enables them to receive salary payments, direct deposits, and domestic bank transfers directly through the Botim application.
It provides access to the UAE’s instant payment platform AANI and supports international remittances to more than 170 countries.
The wallet includes a globally accepted Mastercard and offers regulated credit solutions. Account holders can invest in fractional gold and silver starting from AED 10.
The company stated the wallet requires no minimum salary or balance and charges no monthly fees.
The launch includes a Wage Protection System (WPS) accredited payroll infrastructure for employers. Businesses can process salaries directly into their employees’ Botim wallets.
Botim introduced this system in partnership with the Ministry of Human Resources and Emiratisation (MOHRE) to support compliance with Central Bank of the UAE (CBUAE) requirements.
“Financial inclusion begins with access. For many people, having an account in their own name is the first step toward participating more fully in the financial system,”
said Dr. Tariq Bin Hendi, CEO, Botim.
Featured image credit: Edited by Fintech News UAE, based on image by Botim
