The first platform bank in the region, Wio Bank PJSC, and the Abu Dhabi Department of Economic Development (ADDED), the emirate's economic growth engine, jointly announced their partnership to revolutionise how small and medium-sized businesses (SMEs) manage their finances, payments, and overall business operations.
By expediting the account opening process and providing quick and seamless financial services via Wio Business, the business banking application from Wio Bank, this cooperation saves SMEs a substantial amount of time during business operations. Wio will assist SMEs licenced by ADDED in setting up corporate accounts and providing an up-to-date view of their financials in less than 48 hours, enabling them to immediately make better informed business and investment decisions.
As part of the agreement, Wio will also collaborate closely with the Abu Dhabi Residents Office, the Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services to offer banking and business services, such as fully digital onboarding and streamlined banking solutions, to SMEs registered with them. This will help to strengthen and develop the SME ecosystem in the emirate of Abu Dhabi.
Mouza Al Nasri, Executive Director of SMEs Sector at ADDED said: “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”.