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ABU DHABI, 25th April, 2023 (WAM) — The Abu Dhabi Department of Economic Development, ADDED, a catalyst for economic growth in the emirate, today announced a partnership with Wio Bank, the region’s first platform bank, to transform Small Medium Enterprises (SMEs) Manage its finances, payments and overall business operations.
This partnership saves SMEs a lot of time in their business operations by fast-tracking the account opening process and providing fast and seamless banking services through Wio Bank’s business banking app, Wio Business. In less than 48 hours, Wio will help ADDED-licensed SMEs set up business accounts and provide them with an up-to-date view of their financial health – enabling them to make quicker and more informed business and investment decisions.
Additionally, as part of the agreement, Wio will work closely with the Abu Dhabi Resident Office, Abu Dhabi SME Center and TAMM, Abu Dhabi Government Services Center, to extend banking and business services to SMEs, including fully digital onboarding and simplified Banking Solutions registers with them – thereby promoting and strengthening the SME ecosystem in the Emirate of Abu Dhabi.
Mouza Al Nasri, Executive Director of ADDED’s SME sector, said: “Partnerships with leading companies and entities in different sectors are part of our efforts to enable SMEs to deliver from Abu Dhabi’s strong, resilient and business-friendly ecosystem. benefits from the numerous opportunities available to the SMEs and actively contributes to sustainable development. SMEs are one of the key sectors of the Abu Dhabi economy, contributing 36% of non-oil GDP and employing 46% of the private sector workforce. We believe that the Providing convenient and advanced financial and banking services will help strengthen the entrepreneurial ecosystem.”
Commenting on the partnership, Wio Bank CEO Jayesh Patel added: “We are delighted to partner with the Abu Dhabi Department of Economic Development and other relevant entities to help build a thriving SME ecosystem in Abu Dhabi. At Wio, we “‘s top priority is to reimagine banking for the SME sector and seamlessly integrate the services they need most. This collaboration is a great example of how we can leverage Wio’s advanced technology to reach more SMEs and Bring them our simple, effective and efficient business banking solutions to support their growth and be part of their journey with innovative solutions.”
Wio Business is Wio Bank’s first banking app that provides seamless access to banking services for start-ups, freelancers and SMEs by offering simplified and fully digital options for business account opening, personalization, banking services , as well as complementary services and easy-to-use banking tools to support better business management for SMEs.
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