DFM launches ‘myaccount’ for distribution of dividends

DUBAI: 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 the “myaccount” service, an electronic account that enables investors to seamlessly transfer dividend amounts to their IVESTOR Card accounts, bank accounts, as well as to pay for IPOS and Right Issues subscription.

Commenting on the new service, Essa Kazim, Chairman of the 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 the capital markets sector. Today, we are pleased to launch the myaccount service, crowning our journey of excellence, as we are currently running a one-of-its-kind, allinclusive dividend distribution platform amongst financial markets globally.”

For his part, Ali Al Hashimi, Executive Vice President and Head of Financial Services Division of the DFM, said, “The DFM has successfully amassed notable capabilities in terms of cash dividend distribution services, as the new myaccount electronic service has been designed and implemented internally by our comprehensive specialised team.”

The DFM, Al Hashimi said, has executed 1.3 million transactions to the new electronic accounts with a total value of Dhs1 billion.