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Seed-stage projects and early-stage venture capital firms in the Middle East and North Africa Flat6Lab and the region’s first platform bank wow bank A Memorandum of Understanding (MoU) has been signed to support start-ups and SMEs in Abu Dhabi.
The agreement between the two organizations sees startups from Flat6Labs’ dedicated seed program, Flat6Labs IgniteAccess to Wio Bank products and services. businessa digital banking app tailored specifically for start-ups and SMEs, is available thanks to a partnership.
support from wow bank Will benefit Flat6Labs as the digital banking app makes it easy for start-ups to Abu Dhabi. This access ensures that the seed stage program is able to attract start-ups from international markets.
In addition to Wio Business, Wio Bank will also send its technical professionals to participate in the launch program as “subject matter experts and mentors”.
Supporting the growth of start-ups and SMEs in Abu Dhabi
Ryan Sherif, Managing Director of Flat6Labs in the United Arab Emirates, explained the support the agreement offers to startups. Sharif said: “Probably no other factor determines the fate of a startup more than the ability to manage finances effectively. These organizations need banking partners with an entrepreneurial spirit; centered around agility, flexibility and innovation.”
“Our longstanding expertise in helping start-ups gain a foothold in the UAE and raise the capital they need to realize their ambitions is fully aligned with Wio Bank’s vision to not only provide world-class banking services, but also serve as a comprehensive banking management platform for modern SMEs.”
Flat6Labs’ Ignite initiative aims to support up to 60 startups in Abu Dhabi by 2024. Twenty-seven organizations have successfully invested in three cycles, which have now concluded.
Patek WaiWio Bank’s Chief Commercial Officer also explained how the bank will support SMEs while benefiting from the agreement. Vahie commented: “As a disruptor in the financial sector, we believe we have a key role to play in supporting the UAE’s start-up ecosystem and fostering entrepreneurship. We are committed to ensuring our SME clients find the most viable option to get what they want We can help by providing funding through traditional credit or loans, peer-to-peer lending, angel investment or incubators.
“We will benefit from the insights and expertise of other key players in the ecosystem, such as Flat6Labs, as we develop our products for the SME sector.”
Abu Dhabi Development Company (ADQ), Alfa Dhabi Holdings, Etisalatwith First Abu Dhabi Bank (FAB) jointly owned wow bank.
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