ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would cooperate to transform how Small and Medium Enterprises (SMEs) manage their finances, payments, and their overall business operations.
This partnership saves SMEs a significant amount of business operation time by fast-tracking the account opening process and delivering fast and seamless banking services via Wio Business, the business banking application from Wio Bank.
In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials – empowering them to make more informed business and investment decisions quickly.
Wio will work closely with the Abu Dhabi Residents Office, Abu Dhabi SME Hub and TAMM, Abu Dhabi Government Services, to extend banking and business services, including fully digital onboarding and simplified banking solutions, to SMEs registered with them.
This will help boost the SME ecosystem in Abu Dhabi.
Mouza Al Nasri, Executive Director of SMEs Sector at ADDED, said “SMEs is one of the vital sectors in Abu Dhabi’s economy, contributing 36 percent of non-oil GDP and employing 46 percent of the private sector’s workforce.”
She said, “We believe providing convenient and advanced financial and banking services to SMEs will support in enhancing entrepreneurship ecosystem.”
Jayesh Patel, CEO of Wio Bank, said, “We are pleased to partner with the Abu Dhabi Department of Economic Development and other related entities to help build a thriving SME ecosystem in Abu Dhabi.”
He said, “At Wio, we have made it our priority to reimagine banking for the SME sector and seamlessly integrate the services that they need the most.”