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The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank will collaborate to help small and medium enterprises (SMEs) manage their finances, payments and overall business operations.
The partnership will help expedite the account opening process and provide fast and seamless banking services through Wio Business, Wio Bank’s business banking app.
Wio Bank will help ADDED-licensed SMEs set up business accounts in less than 48 hours and provide them with an up-to-date view of their finances – enabling them to make smarter business and investment decisions quickly, state news agency Wan reports.
As part of the agreement, Wio Bank will also work closely with the Abu Dhabi Resident Office, the Abu Dhabi SME Center and TAMM, the Abu Dhabi government services center, to expand banking and business services to SMEs, including fully digital onboarding and simplified Banking Solutions registers with them – thereby promoting and strengthening Abu Dhabi’s SME ecosystem.
Mouza Al Nasri, Executive Director of ADDED’s SME sector, said: “Partnerships with leading companies and entities across various industries are part of our efforts to enable SMEs to deliver from Abu Dhabi’s strong, resilient and business-friendly ecosystem. benefit from a wide range of opportunities to expand and actively contribute to sustainable development.
“SMEs are one of the key sectors of Abu Dhabi’s economy, contributing 36% of non-oil GDP and employing 46% of the private sector workforce. We believe that providing SMEs with convenient and advanced financial and banking services will help to strengthen the entrepreneurial ecosystem.”
Wio Bank is building strong partnerships in the region
Jayesh Patel, CEO of Wio Bank 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, our priority is to The corporate sector is reimagining banking and seamlessly integrating 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 through innovative solutions.”
Wio Business is Wio Bank’s first banking app that empowers start-ups, freelancers and SMEs by providing simplified and fully digital business account opening, personalized options for banking services, supplementary services and easy-to-use banking tools Serve. Support SMEs with better business management.
In March, ADQ-backed Wio Bank also joined forces with issuance processor Paymentology to enhance the neobank’s innovative banking model with customer-centric card payment services.
read: ADQ-backed Wio Bank, Paymentology partner to strengthen SME banking
Neobank is leveraging Paymentology’s cloud-based payment card issuance platform and data analytics capabilities to launch financial products at speed and scale as it provides businesses and consumers with the latest digital banking solutions.
Paymentology provides real-time data feeds that provide granular insight into customer spending, helping Wio Bank to continuously improve its proposition. The company provides Wio Business with a wide range of card services, including Visa debit cards, Apple Pay, Google Pay and card personalization.
The new bank will partner with Abu Dhabi Global Market (ADGM) in November 2022 in a joint effort to support SMEs in the UAE with fast and efficient access to key banking services.
The partnership between Wio and ADGM provides an opportunity for SMEs in the UAE to open a zero balance account instantly with free debit card and checkbook, virtual debit card and invoicing features.
Wio Bank has partnered with Stripe, an enterprise financial infrastructure platform, to make the power of e-commerce faster and easier for SMEs to access. Through this partnership, Wio Business will enable SMEs and freelancers who previously had difficulty accessing payment products to get into e-commerce faster with an easy-to-create Stripe account.
Get paid easily! We’ve partnered with Stripe to simplify your payments process with no setup or monthly fees, and easy pay-as-you-go pricing!
Online payments just got easier when we partnered with Stripe!No account setup fees or monthly payments pic.twitter.com/rOlYn0aLNu
— Wio (@WioBank) April 14, 2023
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