Platform bank Wio and financial centre Abu Dhabi Global Market (ADGM) have signed a partnership to bolster collective efforts to support small and medium-sized enterprises (SMEs) in the UAE.
With this partnership, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission, in addition to benefits including the opportunity to open a zero-balance account with a one-month free trial, free debit card and cheque book, virtual debit cards, invoicing features, among others.
The parties will have an API integration in place, and customers will not have to upload any company documents such as the trade licence, memorandum of association, shareholder passport and other details about the company for verification.
Mona Walid, Chief People Officer and Head of Strategic Partnerships at Wio Bank, said: “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," said Hamad Sayah Al Mazrouei, Chief Operating Officer at ADGM. "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.”
"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. We are eager to work with Wio Bank and contribute towards the growth of the Abu Dhabi economy,” Al Mazrouei added.
Currently, AGDM supports over 330 SMEs in key sectors including health tech, pure tech, edtech, legal tech, food tech, tourism tech, and insurance tech.
