Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding with the region’s first platform bank Wio Bank in order to support Khalifa Fund members with access to fast, flexible, and secure banking and financial services from Wio Business, the SME-tailored business banking application from Wio Bank.
Through the partnership, the two entities aim to empower SMEs, entrepreneurs, and freelancers in Abu Dhabi and the wider UAE with intelligent business banking tools and financial solutions, helping them manage and grow their businesses more efficiently.
Under the agreement with Khalifa Fund and Wio Bank will offer a special promotion of a 3-month free subscription plan to over 3,600 members and portfolio companies of Khalifa Fund.
H.E. Alia Al Mazrouei CEO – Khalifa Fund
“Khalifa Fund is actively seeking valuable partnership opportunities that provide advanced technologies and digital resources to empower SMEs in the UAE, enabling them to run their operations successfully with a centralized solution that streamlines and optimizes day-to-day processes, helping SMEs in the UAE operate their businesses and achieve growth. Our partnership with Wio Bank will provide our members with secure and efficient financial services via their digital banking solutions while exploring financing options to support their growth. We are excited about this collaboration and its potential to support SMEs’ growth and the UAE’s entrepreneurial ecosystem.”
Wio Business will offer Khalifa Fund members and partner companies full digital account onboarding and opening with zero minimum balance, account access for multiple users, multi-currency accounts, free local transfers, free sign-up to payment gateways, unlimited instant virtual cards, saving spaces for VAT, rent and other business needs, Wio Business Admin assist, and much more.
Mr. Jayesh Patel, CEO of Wio Bank, said that, “We are excited to join forces with Khalifa Fund for Enterprise Development. We both share a common goal of empowering businesses in the UAE and facilitating their growth. Our foremost goal at Wio Bank is to revolutionize banking for small and medium enterprises (SMEs) by seamlessly incorporating the essential services they require.”
Wio will also be exploring opportunities for supply chain financing and other lending propositions to further support the Khalifa Fund businesses with their expansion goals and plans.
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