Botim Money, a UAE fintech platform, has launched IBAN-enabled wallets in the UAE, allowing eligible users to obtain a Virtual IBAN in their own name and access a wider range of regulated financial services through the fintech platform.
The launch is introduced under the Central Bank of the UAE’s (CBUAE) Universal Accounts Framework to expand financial inclusion through regulated digital services.
Botim, which has more than 8.5 million users in the UAE, said that the new service enables eligible users to receive salary payments, direct deposits, and domestic bank transfers directly into their digital wallet, helping more individuals participate in the formal financial system.
With the Virtual IBAN, eligible users can access a range of financial services through a single platform. In addition to receiving salaries and bank transfers, users can make cash deposits, conduct local transfers through peer-to-peer payments and AANI, and send remittances to more than 170 countries.
The wallet also provides access to a globally accepted Mastercard card, fractional gold and silver investments starting from $2.72 (AED10), and regulated credit products to help users build stronger financial profiles over time.
The service is available with no minimum salary requirement, no minimum balance requirement, and no monthly fee. The onboarding process is offered in multiple languages and can be completed in less than three minutes.
Supporting financial inclusion
The company said that the launch supports the UAE’s financial inclusion agenda by reducing barriers to regulated financial services.
Botim data indicates that around 65 percent of its users are blue-collar workers, while another 31 percent belong to grey-collar segments.
The new offering improves access to financial services for communities that have traditionally had limited access to conventional banking products.
By enabling eligible users to hold a Virtual IBAN in their own name, the platform seeks to increase participation in the country’s regulated financial system.
Payroll integration for businesses
Businesses can use its Wage Protection System (WPS)-accredited payroll infrastructure to transfer employee salaries directly into Botim Wallet.
The payroll infrastructure was introduced in partnership with the Ministry of Human Resources and Emiratisation (MOHRE) in 2024 and enables businesses to process salaries while complying with CBUAE and MOHRE requirements.
The system streamlines payroll processing while providing employees with direct access to digital financial services.
Dr. Tariq Bin Hendi, Board Member of Astra Tech and Chief Executive Officer of Botim, noted that, “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.”
