Digital bank Wio has partnered with the Abu Dhabi Global Market (ADGM) to support small and medium-sized enterprises (SMEs) in the UAE with banking services.
The partnership, which was announced during the Abu Dhabi Finance Week (ADFW), will see Wio extending the Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission.
ADGM SMEs will be able to open a Zero Balance account with a one-month free trial, free debit card and cheque book, virtual debit cards, invoicing, and foreign currency conversion features.
The API integration between ADGM and Wio Business also means that SMEs will not have to upload any company documents for verification during the application process.
Wio Bank first launched Wio Business, its digital banking app for SMEs, in September 2022. The company has since entered similar partnerships with financial centres such as the Meydan Free Zone.
“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,”
said Mona Walid, Chief People Officer and Head of Strategic Partnerships at Wio Bank.
“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,”
said Dhaher bin Dhaher Al Mheiri, CEO of ADGM Registration Authority.
