Wio Bank, UAE’s first platform bank, has entered into a partnership with Abu Dhabi Global Market (ADGM) to bolster collective efforts to support small and medium-sized enterprises (SMEs) in the UAE to gain access to key banking services quickly and efficiently.
With this partnership, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission.
Further, the alliance provides a slew of benefits including the opportunity to open a Zero Balance account with a one-month free trial, free debit card and chequebook, virtual debit cards, invoicing features, and one of the best foreign currency conversion rates for international outward and inward remittances.
According to the statement, “Setting this partnership apart is the fact that through API integration between both parties, customers do not have to upload any company documents such as the trade license, Memorandum of Association, shareholder passport, and other details about the company for verification—making the customer journey seamless and more efficient.”
Currently, AGDM supports over 330 SMEs in key sectors including health tech, pure tech, Edtech, legal tech, food tech, tourism tech, and insurance tech that will get access to Wio Business through this partnership.
“We are delighted to partner with Wio Bank, the region’s first digital banking platform in Abu Dhabi to foster the growth of the rapidly evolving SME ecosystem in the country and further bolster financial services activities. This agreement is an extension of our ongoing commitment to reinforce the capital’s positioning as a global financial services hub, while simultaneously supporting the backbone of UAE’s economy – the SMEs. We are eager to work with Wio and contribute towards the growth of the Abu Dhabi economy.”
Speaking of the partnership, Ms. Mona Walid, Chief People Officer and Head of Strategic Partnerships at Wio Bank, said that, “Through our collaboration with ADGM, we will further ramp up our efforts to provide seamless access to financial services to SMEs, entrepreneurs, and freelancers, and facilitate their growth journey.”
“ADGM is delighted to partner with Wio Bank to support and foster the growth of small, medium, and emerging enterprises in the UAE and enhance their ability to access financial services, through direct and indirect financing solutions and digital services. This agreement is an extension of our continuous commitment to develop the financial sector in Abu Dhabi in line with the strategy ADGM to attract reputable entities, best practices, and financial solutions, in addition to talented people,” noted Mr. Hamad Sayah Al Mazrouei, Chief Operating Officer at ADGM.