Masdar City signs MoU with Wio Bank to support SMEs
The agreement signed during the Abu Dhabi Sustainability Week would grant SMEs access to Wio Bank’s app.
Masdar City signed a Memorandum of Understanding (MoU) with Wio Bank to provide small and medium enterprises with financial services. The agreement was signed during the Abu Dhabi Sustainability Week.
Under the agreement, SMEs operating in the Mandar City Free Zone can access the Wio Business app, which would provide services such as full digital onboarding, a one-month free trial, no requirement for minimum balance, access to virtual cards, a complimentary debit card, cheque book, and save specs for purposes like VAT and rent, a press note carried by Zawya read.
The state-backed Wio Bank was launched in Abu Dhabi in September 2022 to support SMEs in the region. The platform bank has three functions, including digital banking apps, banking through third-party distributors, and embedded finance, along with banking-as-a-service. The Wio Bank is jointly owned by Abu Dhabi sovereign wealth fund ADQ and Alpha Dhabi, Etisalat, and First Abu Dhabi Bank.
Masdar City signed a couple of other MoUs during the Abu Dhabi Sustainability Week. Among them was the collaboration with AWS that would allow startups to innovate and scale faster with the help of the AWS Active programme.
The Masdar City Free Zone is a house for numerous startups, SMEs and corporates within Abu Dhabi.
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Edited by Suman Singh
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