[ad_1]
Wio Bank partners with FAB to facilitate cash and check deposits
Abu Dhabi, January 2, 2023: Wio Bank, the region’s first platform bank, is partnering with First Bank Abu Dhabi (FAB), the largest bank in the UAE and one of the largest and safest financial institutions in the world, through FAB’s established ATM and CDM network.
As a platform bank, Wio Bank offers a highly targeted suite of digital-first solutions with a strong focus on meeting the needs of growing start-ups and SMEs. Through its partnership with FAB, Wio Bank is enhancing the tools available to business owners, using FAB’s regulated physical infrastructure to connect seamless and secure digital banking solutions with basic cash and check deposit and cash withdrawal services.
The Wio Business app has been integrated with the FABePay portal to enable users to initiate cash or check deposits directly within the app in an easy and convenient way, giving each deposit transaction a unique reference number. This code can then be used at any FAB Cash Deposit Machine (CDM) using the “Wio Deposit” service to complete the transaction. The information used to generate the reference number is automatically matched to the deposit, ensuring safe and secure transactions.
Sanjay Sethi, Head of Global Transaction Banking, FABsaid: “FAB believes in the transformative power of technology to provide customers with a simpler, more convenient and smarter experience while meeting professional banking needs. We are delighted to partner with Wio Bank to provide a convenient and seamless cash solution and check deposits. Wio Bank brings a new and innovative approach to banking and we look forward to working together to support its growth.”
Jamal Al Awadhi, Chief Operations and Experience Officer, Wio Banksaid: “This is a milestone collaboration in our journey to strengthen our suite of products and services under the Wio business umbrella. As one of Wio’s key shareholders, FAB helps Wio clients leverage its extensive reach and operational strengths in the UAE .We are very grateful to be partnering with FAB to enhance our services and deliver on our commitment to provide customers with easy-to-use banking solutions.”
Officially launched in September, Wio Bank offers three key functions, namely a digital banking application, embedded finance and banking-as-a-service solutions. Wio Business, Wio Bank’s first digital banking app, aims to provide start-ups, freelancers and SMEs with seamless access to banking services, while giving them the opportunity to move forward with innovative beyond-banking services.
[ad_2]
Source link