ABU DHABI, UAE – Wio Bank, the region’s first platform bank, Tuesday announced a partnership with Abu Dhabi Global Market (ADGM) to support small and medium-sized enterprises (SMEs) in the UAE gain access to key banking services quickly.
With this partnership, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-track application submission.
This will be in addition to other benefits like the opportunity to open a zero balance account with a one-month free trial, free debit card and checkbook, virtual debit cards, invoicing features and one of the best foreign currency conversion rates for international outward and inward remittances.
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 trade license, Memorandum of Association, shareholder passport and other details about the company for verification – making the experience for the customer seamless and more efficient.
Speaking of the partnership, Mona Walid, Chief People Officer and Head of Strategic Partnerships at Wio Bank, said, “At Wio, we strive to deliver the utmost convenience to the SME community to help them accelerate their business growth.”
Walid said, “Through our collaboration with ADGM, we will further ramp up our efforts to provide SMEs, entrepreneurs, and freelancers seamless access to financial services.”
Dhaher bin Dhaher Al Mheiri, CEO of ADGM Registration Authority said, “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.”
He said, “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.”
Hamad Sayah Al Mazrouei, Chief Operating Officer at ADGM said, “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.”
He said, “This agreement is an extension of our continuous commitment to develop the financial sector in Abu Dhabi in line with the strategy of ADGM to attract reputable entities, best practices and financial solutions, in addition to talented people.”
He added, “Supporting small, medium and emerging enterprises is a key pillar of the economy and is in line with the UAE’s economic diversification agenda. It also reflects our commitment to create a supportive ecosystem for businesses.”
Presently, 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.