Emirates NBD partners with Al Fardan Exchange to offer payroll and remittance solutions

Press release

Published December 26th, 2010 - 04:00 GMT

Al Bawaba

Emirates NBD, a leading bank in the region, announced today that it had signed an agreement with Al Fardan Exchange to enable "E-Money", the Al Fardan Payroll card on the Emirates NBD ATM network. Al Fardan cardholders will now be able to use the Emirates NBD ATM network for salary withdrawal, balance enquiries and money transfers, making Emirates NBD the first bank in the UAE to offer this service.

"As a market leader in payroll solutions, Emirates NBD offers a wide range of services that enable organisations and employees to manage their salary transfers and withdrawals efficiently," said Mohammed Al Falasi, SVP & Head of Direct Sales & Alternative Channels, Emirates NBD. "We are therefore always on the lookout for partners who can complement our proven strengths and further reinforce our existing services. Al Fardan's E-Money leverages technology to provide comprehensive payroll and remittance solutions and we look forward to working with them to offer value-added services to our clients."

Under the E-money platform, Al Fardan Exchange issues E-money payroll cards, which could be used at Al Fardan Exchange branches and POS terminals in remote sites.

The new agreement extends the use of the E-money card to Emirates NBD ATMs for various services related to salary withdrawals and money transfers. The E-money card can now be used at all 650 Emirates NBD ATMs across the UAE.

"E-money offers a one-stop shop solution for payroll and money transfer that is cost effective, secure and convenient," said Osama Al Rahma, General Manager, Al Fardan Exchange. "Our tie up with Emirates NBD, the largest banking group in the UAE with a million plus customer base, will enable us to extend E-money services to a much wider network of people and organisations."

Registered and authorised by the UAE Ministry of Labour and the Central Bank, E-money is also compliant with UAE's Wage Protection System (WPS) Law that makes electronic transfer of a labourer's wages from employer to employee mandatory, to protect the basic rights of employees and employers for timely payment of wages.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.

Company Profile

Al Fardan Exchange

“Al Fardan Exchange L.L.C. is a member of the Al Fardan Group, which has roots stretching back to 1954. Emerging from a seafaring and pearl trading tradition to a commercial trade, the Al Fardan name is built on a solid bedrock of security and reliability. Leveraging on the Group’s diversified business interests and successful operations in real estate, high-end jewellery, financial services and trading, Al Fardan Exchange L.L.C. holds global reach with trust and credibility as its main ethics.

Established in 1971, we at Al Fardan Exchange L.L.C. have had the unique opportunity of playing a part in supporting communities who’ve helped building the nation; we’ve helped them bring life to their own dreams – both here and in their home countries.