“Abu Dhabi’s Department of Economic Development and Wio Bank PJSC Partner to Revolutionize Banking Services for SMEs”

ABU DHABI, 25th April, 2020 (WAM) — The Department of Economic Development – Abu Dhabi, which leads the economic growth efforts in the emirate, and Wio Bank PJSC, the first integrated financial platform of its kind in the region, announced today their cooperation to bring about a quantum leap in the way financial resources, payments and operations are managed. business for small and medium businesses.

This partnership saves a lot of business process time for SMEs by fast-tracking the account opening process and providing easy and fast banking services through the Wio Business app.
Within less than 48 hours, Wio will help open accounts for SMEs licensed by the Department of Economic Development – Abu Dhabi and view the finances of these companies in real time, allowing them to make more informed business and investment decisions quickly.

In addition, Wio will work with the Abu Dhabi Residents Office, the Abu Dhabi Business Platform, and TAMM – Abu Dhabi Government Services, to expand corporate banking services, including simplified and fully digital banking solutions, for the SMEs registered with them, leading to the strengthening of the small business ecosystem. medium in the Emirate of Abu Dhabi.

Moza Al Nasseri, Executive Director of the Small and Medium Enterprises Sector at the Department of Economic Development – Abu Dhabi, said: The conclusion of partnerships with leading companies and entities in various sectors is part of our efforts to enable small and medium enterprises to take advantage of the opportunities provided by the dynamic and flexible business system in Abu Dhabi with the aim of expanding and contributing positively to sustainable development; The small and medium enterprises sector is one of the most important pillars of the Abu Dhabi economy, as it contributes 36 percent to the non-oil GDP and employs 46 percent of the workforce in the emirate’s private sector. We believe that providing convenient and advanced financial and banking services to small and medium-sized companies contributes effectively to improving the entrepreneurship system.
Jayesh Patel, CEO of Wio Bank PJSC, said: “We are delighted to partner with the Department of Economic Development – Abu Dhabi and other relevant entities with the aim of helping build a developed and thriving ecosystem for small and medium enterprises in Abu Dhabi. Our priorities at Wio include reimagining banking services. provided to the small and medium-sized companies sector and integrating the services that these companies need with ease; This cooperation is a model to take advantage of Wio’s advanced technologies to reach more small and medium-sized companies and provide them with our easy, supportive and effective banking solutions with the aim of supporting their growth and being part of their journey through innovative solutions.
The Wio Bank platform was launched to reshape the banking services sector and stimulate the growth of the UAE’s digital economy; The platform focuses on three main sectors: digital banking applications, integrated finance and banking solutions as a service.