Abu Dhabi: Abu Dhabi’s Department of Economic Development (ADDED) has partnered with Wio Bank PJSC, the first platform bank in the region, to modernize financial management for Small and Medium Enterprises (SMEs) in the emirate. This collaboration aims to revolutionize the way SMEs handle their finances, payments, and overall business operations. The announcement comes as a boost to the economic growth of the emirate.
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.
Additionally, as part of the agreement, 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—thereby boosting and enhancing the SME ecosystem in the emirate of Abu Dhabi.
Mrs. Mouza Al Nasri, Executive Director of SMEs Sector at ADDED stated that “Partnerships with leading firms and entities in different sectors is part of our efforts to empower SMEs to benefit from ample opportunities provided by Abu Dhabi’s robust, resilient, and business-friendly ecosystem to expand and contribute positively to sustainable development. SMEs is one of the vital sectors in Abu Dhabi’s economy, contributing 36 per cent of non-oil GDP and employing 46 per cent of the private sector’s workforce. We believe providing convenient and advanced financial and banking services to SMEs will support in enhancing entrepreneurship ecosystem.”
Wio Bank PJSC was created to reboot banking and catalyze growth of the UAE’s digital economy. It is built around three main capabilities, digital banking apps, embedded finance and banking-as-a-service solutions. Wio Business, the first banking application from Wio Bank, provides start-ups, freelancers, and SMEs access to banking services seamlessly while giving them the opportunity to move forward with innovative beyond-banking services by providing simplified and fully digital business account opening, personalised options for banking services, and supplementary services and easy-to-use banking tools to support SMEs with better business management.
Wio Business’ services are built around each client’s needs, helping them automate their admin, be in control of their spending with unlimited virtual cards for their team, create various saving spaces for VAT, rent, and other business needs, and focus on growing their business. The offering was developed in collaboration with customers and built to get SMEs up and running quickly by providing easy and simple banking tools to manage their business better.