Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the arm of the UAE listed FAB operating in Egypt, has launched FABMISR E-Connect as the newest corporate online banking channel designed specifically for multinationals and large corporates.
The new online banking channel offers an integrated banking experience which allows companies to monitor and manage all their bank accounts with FABMISR while viewing accounts held with other banks within Egypt or internationally through the MT940 service, according to a press release.
Additionally, clients can register beneficiaries in bulk, simplifying processes further.
In terms of transaction execution, the channel supports local and international payments in both local and foreign currencies, including scheduled transactions and standing instructions.
Additionally, the channel enables clients to track loan and deposit accounts and generate accurate, real-time account statements at any time, providing ultimate flexibility in financial management. The product is launched in partnership with real-time payment technology player Mindgate.
Head of Corporate and Commercial Banking Group at FABMISR, Sherif Sabry, said: “The launch of the FABMISR E-Connect online banking channel marks a transformative step that empowers our corporate clients to manage their financial resources with unparalleled efficiency and transparency. It enhances their ability to make strategic financial decisions that support business growth.”
Sabry added: “This advanced channel not only meets all corporate needs but also contributes to the state's objectives of promoting financial inclusion by enabling more businesses to benefit from modern banking solutions that align with market developments and foster an investment-friendly environment.”
For security, FABMISR sets a new standard with its dual-factor authentication system via a secure smart token application, eliminating the need for traditional token devices and enhancing transaction safety.
Moreover, the channel allows companies to design flexible and complex authorization matrices tailored to their operational needs, ensuring maximum control.
In 2024, the business unit of FAB FABMISR generated net profits worth EGP 26.30 billion, while its net loans and advances hit EGP 142 billion.
