ADDED, Wio Bank partner to support SME growth
The partnership will fast-track the corporate account opening process for SMEs to 48 hours and deliver fast and seamless banking services via Wio Business.
The Abu Dhabi Department of Economic Development (ADDED) has collaborated with Wio Bank to help small and medium enterprises (SMEs) manage their finances, payments, and overall business operations.
The partnership will fast-track the corporate account opening process for SMEs to 48 hours and deliver fast and seamless banking services via Wio Business—the business banking application from Wio Bank—including providing an up-to-date view of their financials, Emirates News Agency said in its report.
Additionally, Wio will work closely with the Abu Dhabi SME Hub, Abu Dhabi Residents Office, and TAMM, Abu Dhabi Government Services, to extend banking and business services, including complete digital onboarding and simplified banking solutions to SMEs registered with them.
"SMEs is one of the vital sectors in Abu Dhabi’s economy, contributing 36% of non-oil GDP and employing 46% of the private sector’s workforce. We believe providing convenient and advanced financial and banking services to SMEs will support in enhancing the entrepreneurship ecosystem,” Mouza Al Nasri, Executive Director of SMEs Sector at ADDED, said.
Wio Business provides startups, freelancers, and SMEs access to banking services and innovative beyond-banking services.
The news comes after Wio Bank collaborated with Paymentology in March 2023. An issuer-processor, Paymentology is enhancing the neobank’s innovative banking model with customer-centric card payment services.
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Edited by Suman Singh
