Wio Bank, Paymentology partner to boost SME banking in UAE
The partnership will allow entrepreneurs and freelancers to open business accounts instantly, avoiding long wait times.
ADQ-backed Wio Bank has partnered with Paymentology to improve its banking model with customer-centric card payment services for small and medium enterprises (SMEs) in the UAE.
This partnership will allow entrepreneurs and freelancers to open business accounts instantly, avoiding long wait times, according to a report by Gulf Business.
Paymentology’s in-cloud payment card issuing platform and data analytics capabilities will help Wio Bank launch financial products at scale to provide the latest digital banking solutions to businesses and consumers, the report said.
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The partnership is in line with the efforts of the financial services sector of the UAE to increase consumer demand for digital products and services.
Launched in September last year, Wio Bank has three main business lines: digital banking apps, embedded finance, and banking-as-a-service—the provision of banking through third-party distributors.
It has designed its digital banking application Wio Business to provide startups, freelancers, and SMEs with easy access to banking and beyond-banking services.
Paymentology delivers a real-time data feed on customer spending insights to help Wio Bank improve its services. The company facilitates a wide range of card services for Wio Business such as Visa debit cards, Google Pay, Apple Pay, and other card personalisation services.
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Edited by Suman Singh
