Dubai Financial Market (DFM) launched today the iVESTOR card, an innovative solution designed to be the financial link between DFM and investors. DFM is the first exchange globally to pioneer this flexible and effective solution.A first of its kind globally, the iVESTOR card launched in cooperation with Network International and VISA, the service providers and Emirates NBD, the issuer of the card. The iVESTOR card will be issued at no cost to over 30,000 investors of DFM company shareholders for the financial year 2009 cash dividend.
The launch of this unique product commemorates a decade of innovation and development throughout the short history of DFM as the leading exchange in the region, which celebrates its 10th anniversary in 2010.
As an iVESTOR cardholder, investors will no longer have to wait for their cash dividend cheques to be posted to them or have the hassle to cash the dividend cheques into their bank accounts, as this new card will enable DFM to credit cash dividends directly into the card balance in a flexible and speedy manner. Additionally, investors can use this card for cash withdrawals from the 650 strong Emirates NBD ATM network in the UAE or from any VISA or PLUS marked ATM’s worldwide, as well as for reservations, travel and shopping from millions of VISA accepting retail outlets across 170 countries. Furthermore, cardholders will be able to top up their balance through Emirates NBD cash deposit machines or over the counter in any of the 110 branches in the UAE.
Introduced in three categories, Classic, Prestige and Platinum based on ownership of DFM shares, the iVESTOR card not only can be used as a normal debit card locally and internationally, but will also offer second to none value added services in the near future, including the ability to register and vote during Annual General Meetings and to subscribe to Initial Public Offerings executed through DFM.
Commenting on this development, Essa Kazim, Executive Chairman, Dubai Financial Market said: “We are thrilled to introduce the iVESTOR card, a first of its kind global service from Dubai Financial Market (DFM). This ground-breaking product is the most recent initiative from DFM, who has always been committed to developing new and pioneering services that meet the ever evolving needs of our enormous and expanding investor base since its inception in the year 2000. Undoubtedly, being the first exchange to develop an innovative solution for investors globally, reaffirms DFM’s position as a center of excellence and innovation amongst the leading exchanges.
“As we all know, cash dividend distribution was always a time consuming process as investors have to wait for cheques to be issued and sent to them by post and then also have to deposit them to their accounts, not to mention the lost cheques and the hassle of issuing a replacement. However, with this innovative solution, dividends of the DFM company will be credited instantly to the card account for immediate access. This value added service will be initially introduced to DFM company shareholders and then extended to other listed companies who appoint DFM as the dividend distribution agent.” Kazim added.
“Network is the leader in innovation and this product being the first of its kind globally, we are proud to deliver as per the requirements of Dubai Financial Market. With the launch of iVESTOR cards we will be extending to them technical and operational support”, said Mr. Abdulla Qassem, Group Chief Operating Officer, Emirates NBD and Chairman of Network International.
“We are extremely pleased to support Dubai Financial Market in launching this new card,” said Mohammed Al Falasi, Senior Vice President, Head Direct Sales Force & Alternative Channels at Emirates NBD. “Listed on the Dubai Financial Market and a leader in providing innovative banking solutions, Emirates NBD strongly believes that these cards will prove extremely attractive to shareholders of all DFM-listed companies, who will find accessing their dividend payments easier and more efficient than ever before. We are confident that the response to the introduction of these cards will be extremely positive.”
Key features of iVESTOR card:
INSTANT access to DFM (PJSC) dividends credited directly into iVESTOR card account
FAST and EASY cash withdrawals of DFM ‘PJSC’ dividends from millions of VISA or PLUS marked ATM machines located across 170 countries worldwide or ‘over the counter’ in any of Emirates NBD branches, in addition to the banks’ ATM network in the UAE.
Cash top-ups into your iVESTOR card from any Emirates NBD cash deposit machine or branches.
Purchases of goods/services using iVESTOR card over the counter in millions of retail stores worldwide, online sites and mail order, in addition to reservations and travel.
Source: news release
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