Botim Money has introduced virtual International Bank Account Number, or IBAN, functionality for eligible wallet users in the United Arab Emirates, extending access to regulated account services through its mobile platform. The Dubai-announced rollout allows customers to receive a virtual IBAN in their own name and use it for salary payments, direct deposits and domestic bank transfers within the Botim app. Launched under the Central Bank of the UAE’s Universal Accounts Framework, the service is positioned as part of a broader effort to increase participation in the country’s formal financial system.
A New Route to Regulated Accounts
The company said the launch is intended to reduce barriers that can prevent some residents from accessing conventional banking products. Botim reports that its UAE platform has more than 8.5 million users, creating a large distribution channel for digital financial services delivered through an app already used for communication and payments. According to Dr. Tariq Bin Hendi, board member of Astra Tech and chief executive of Botim, providing an account in an individual’s name can serve as an important first step toward broader financial participation.
Designed for Workforce Access
Botim said 65% of its users are blue-collar workers, while a further 31% come from grey-collar segments, groups that may encounter practical or eligibility-related obstacles when seeking traditional bank accounts. The virtual-IBAN wallet has no minimum salary requirement, minimum balance or monthly fee, and its multilingual onboarding process is designed to be completed in under three minutes. By removing these requirements, Botim Money is targeting wider access to regulated payment and account services for residents with varied income levels and employment circumstances.
Beyond Salary and Transfer Services
The virtual IBAN is integrated with a broader set of financial tools available through Botim Money, including cash deposits, peer-to-peer transfers, local payments through AANI and remittances to more than 170 countries. Users can also access a Mastercard card accepted globally, fractional gold and silver investment products starting from AED 10, and regulated credit solutions intended to support the development of stronger financial profiles over time. The combined offering reflects Botim’s strategy of placing everyday payments, savings, investment and credit services within one digital ecosystem rather than treating the wallet as a standalone transfer product.
Payroll Infrastructure for Businesses
For employers, the company’s Wage Protection System-accredited payroll infrastructure enables businesses to send salaries directly to Botim Wallet accounts. The payroll capability was introduced with the Ministry of Human Resources and Emiratisation in 2024 and is designed to help companies manage wage payments while meeting Central Bank and ministry compliance requirements. This business-facing layer may also expand the practical use of the virtual IBAN service by giving employees a direct route to receive salary payments and immediately access wallet-based financial tools.
A Broader Fintech Ambition
Botim Money operates as the financial-services arm of Botim and holds Stored Value Facility and Retail Payment Services and Card Schemes licences from the Central Bank of the UAE, according to the company. Botim, which is part of Astra Tech and the wider G42 ecosystem, says it serves more than 160 million users across more than 155 countries through products spanning connectivity, payments, remittances, credit, savings and investment. The latest UAE rollout therefore strengthens its effort to turn a widely used communications platform into a more comprehensive financial-services gateway for consumers and businesses.
The addition of virtual IBANs gives eligible Botim users a named account identifier that can support salary receipts, direct deposits and domestic transfers without relying on a traditional bank account. Its success will depend on adoption by users and employers, as well as the platform’s ability to maintain regulatory compliance and deliver reliable day-to-day financial services at scale. However, the move illustrates how licensed fintech platforms can use digital distribution, payroll infrastructure and simplified onboarding to broaden access to formal financial tools in the UAE.