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ABU DHABI – ADGM’s Abu Dhabi Global Market (ADGM) has partnered with Abu Dhabi Islamic Bank (ADIB), Wio Bank and RAKBANK to facilitate knowledge sharing on the latest banking developments and support SMEs in accessing Key financial services enterprises (SMEs).
These announcements come at the inaugural Abu Dhabi Finance Week (ADFW), held from 14th to 18th November 2022 in partnership with key economic drivers of the Abu Dhabi economy and a group of global and regional financial institutions. Announced during the week (ADFW).
The week-long event is a platform for in-depth dialogue around the MENA region’s burgeoning financial sector, industry trends, financial markets and developments and innovations in global banking.
The partnership with ADIB and RAKBANK will focus on meeting the needs of major financial entities in Abu Dhabi by providing preferential banking services to ADGM registered and licensed businesses. Under the strategic agreement, the parties will work with ADGM to initiate fast and efficient bank account opening, develop world-class educational and business training materials, and conduct research on financial services and fintech-related initiatives.
To further support SMEs in the UAE, the MoU signed with Wio Bank, the region’s first digital banking platform, will offer businesses the opportunity to fast-track their applications, as well as the unique opportunity to open a zero balance account with a one-month free trial, free of charge. Debit card and check book, virtual debit card, invoicing features, and one of the best foreign currency exchange rates for international outgoing and incoming transfers.
Dhaher bin Dhaher Al Mheiri, Chief Executive Officer, ADGM Registry, said: “We are delighted to partner with these leading financial institutions in the region on a mutually beneficial initiative and provide dedicated banking services to the ADGM community. We look forward to witnessing these partnerships Implications for the long-term growth of small and medium-sized enterprises (SMEs) in the UAE and beyond. This agreement is an extension of our ongoing commitment to strengthen the capital’s position as a global financial services hub, while supporting the backbone of the UAE economy – SMEs.”
Commenting on the partnership, ADIB Group CEO Naser Al Awadhi said: “This MoU is a strategic milestone in ADIB’s plan to contribute to the economic and financial sector growth of the Emirate of Abu Dhabi and the UAE. We, in partnership with ADGM, are committed to To advance a dynamic business environment and support a thriving financial ecosystem. ADIB will provide ADGM-registered entities with a seamless banking experience, bespoke financial solutions and expertise through a wide range of bespoke products and services to help them realize their full potential.”
Mona Walid, Chief People Officer and Head of Strategic Partnerships, Wio Bank, said: “At Wio, we strive to provide maximum convenience to the SME community and help them accelerate their business growth. We achieve this by collaborating with like-minded partners who Partners are committed to driving the government’s vision of empowering SMEs, while also working alongside our clients.By partnering with ADGM, we will further increase our efforts to provide seamless finance for SMEs, entrepreneurs and freelancers to serve and facilitate their growth journey.”
Raheel Ahmed, Chief Executive Officer of RAKBANK, said: “This partnership with ADGM is another step in our commitment to support and provide financing solutions to entrepreneurs and businesses in the UAE. RAKBANK is one of the leaders in commercial banking in the UAE and this This leadership is built on our ability to create tailored solutions for businesses that drive economic growth, innovation and employment. I believe this partnership will enable cutting-edge and fast banking for businesses licensed within ADGM solutions and services.
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