Abu Dhabi, July 5 (IANS/WAM): The Tourism Development and Investment Company (TDIC), in charge of developing tourism and cultural destinations in Abu Dhabi, has received the Adam Smith Award 2013 for best practice and innovation in the corporate treasury arena.

The Adam Smith Awards are the largest corporate treasury awards programme in the world. Celebrating its sixth edition, this year's Adam Smith Awards attracted over 200 nominations across industry sectors from 25 countries.

The TDIC was announced as one of the top-three highly commended companies in the "One to Watch" category at this year's awards in London recently.

The award was received by Harish C.S. Pai, manager of treasury operations in the TDIC treasury department.

The award recognises the department for creating the first-of-its-kind innovative paperless payment approval system in the UAE, using the organisation's internal electronic platform.

The system was created in 2012 in partnership with the Abu Dhabi Commercial Bank to streamline the process of submitting remittance instruction payments between the two organisations.