Botim, the fintech platform under Astra Tech, has launched IBAN-enabled wallets for its users in the UAE, a significant move to broaden access to regulated financial services. The new feature allows eligible users to obtain a Virtual International Bank Account Number (IBAN) in their own name, enabling them to receive salary payments, direct deposits, and domestic bank transfers directly within the Botim app.
Quick Facts
- Launch of virtual IBANs for Botim wallet users.
- Targets over 8.5 million users in the UAE.
- Enables direct salary and domestic bank transfers.
Tackling Financial Barriers for a Wider Audience
Introduced under the Central Bank of the UAE’s (CBUAE) Universal Accounts Framework, this initiative directly supports the UAE’s national financial inclusion agenda. The launch is particularly aimed at communities that have historically faced challenges accessing traditional banking products.
According to Botim’s data, its user base is composed of 65% blue-collar and 31% grey-collar workers. The IBAN-enabled wallet is designed to be highly accessible, with no minimum salary requirement, no minimum balance, and no monthly fees. The company also highlights a multilingual onboarding process that can be completed in under three minutes.
Beyond the IBAN, the wallet offers users services like peer-to-peer payments via AANI, international remittances to over 170 countries, and a globally accepted Mastercard. Users can also access fractional gold and silver investments starting from AED 10 and regulated credit solutions.
Streamlining Payroll for Businesses
For corporate clients, Botim provides a Wage Protection System (WPS)-accredited payroll infrastructure. This allows companies to process salaries directly into their employees’ Botim Wallets, ensuring compliance with CBUAE and Ministry of Human Resources and Emiratisation (MOHRE) regulations. The feature, first introduced in partnership with MOHRE in 2024, helps businesses simplify payroll operations while giving employees immediate access to a suite of financial tools.
H.E. Dr. Tariq Bin Hendi, Board Member of Astra Tech and CEO of Botim, commented on the launch, stating, “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. By introducing Virtual IBANs through Botim, we are removing barriers to essential financial services and supporting the UAE’s vision for a more inclusive and digitally connected economy.”
About Botim
Botim is a MENA-based fintech company delivering financial solutions through an AI-native platform. Originally the UAE’s first free VoIP provider, Botim now serves over 160 million users across more than 155 countries. As part of Astra Tech and the G42 ecosystem, the platform offers a multi-layered ecosystem spanning payments, remittance, credit, and investments. Its financial services arm, Botim Money, is licensed by the Central Bank of the UAE and holds both Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses.
Source: Zawya
