UAE businesses get new finance service at Wio Bank
UAE businesses can now link their accounts with select accounting software platforms
Abu Dhabi-based Wio Bank is making new strides in embedding its banking services into daily business operations and simplifying financial management for small and medium-sized enterprises (SMEs) in the UAE.
The online-only financial platform, on Monday, said it is offering a new finance service of partnering with accounting software platforms Zoho Books, Fiskl and Wafeq, through Wio Business, the bank's first digital banking application.
The application, which caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs, directly integrates accounting and financial management systems through APIs, while aiming to facilitate seamless financial workflows, enhance management and eliminate the need for third-party intermediaries.
This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities, the platform said in a statement, while adding that Wio Bank’s new service is "tailored to meet a market need" with over 94 per cent of UAE businesses 'significant' contributors to employment.
"This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks," it added.
Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: "By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs."
New financial management
Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a better view of their financial health. This integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statement.
Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor and errors, and enhancing cost efficiency and operational gains.
Wio Bank aims to redefine banking in the UAE for both businesses and consumers. Its second digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage, and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and exciting rewards.