The Dubai Financial Market (DFM) won the Innovation Award organized by the Securities and Commodities Authority (SCA), in recognition of DFM’s dividend distribution service of its listed companies through iVESTOR Card, the leading solution that enables investors to seamlessly receive their dividends.
Hassan Al Serkal, Chief Operating Officer (COO) and Head of Operations Division as well as Ali Al Hashimi, Executive Vice President and Head of Financial Services Division of DFM, have received the award trophy from His Excellency Obaid Al Zaabi, SCA’s CEO during the regulator’s annual conference held in Dubai on Monday, 23 April 2018.
His Excellency Essa Kazim, Chairman of DFM said: “As part of its strategy to provide various market participants with smart and efficient solutions, the DFM has invested all the necessary resources and introduced numerous innovative services to further strengthen its leading position in terms of financial services and financial technologies (Fintech). The iVESTOR Card has removed several bottlenecks that historically characterized the dividend distribution process, which used to be lengthy and costly for issuers and on the other hand, investors had to wait for long to receive their cash dividends. Undoubtedly, receiving this innovation award from our regulator is a clear recognition of our excellence as well as underlines the deep confidence of various market participants including; investors, issuers and brokerage firms, in our innovative solutions that represented a quantum leap in financial markets’ services in the region and beyond.”
The DFM has been successfully managing the dividend distribution on behalf of its listed companies since 2011. In March 2018, it has launched an innovative Dividend Distribution System (DDS), enabling dividends distribution to investors’ bank account or iVESTOR card account without any human intervention. The system constantly updates investors’ data bank, which further streamlines the distribution process.
The DFM is currently processing the cash dividend distribution for the year 2017 on behalf of 35 listed companies, with a total value of AED 16.14 billion.
