Platform bank Wio and financial centre Abu Dhabi Global Market (ADGM) have signed a partnership to bolster collective efforts to support small and medium-sized enterprises (SMEs) in the UAE.
With this partnership, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission, in addition to benefits including the opportunity to open a zero-balance account with a one-month free trial, free debit card and cheque book, virtual debit cards, invoicing features, among others.
The parties will have an API integration in place, and customers will not have to upload any company documents such as the trade licence, memorandum of association, shareholder passport and other details about the company for verification.
Mona Walid, Chief People Officer and Head of Strategic Partnerships at Wio Bank, said: “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.”
Dhaher bin Dhaher Al Mheiri, CEO of ADGM Registration Authority said: “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. We are eager to work with Wio and contribute towards the growth of the Abu Dhabi economy.”
Currently, AGDM supports over 330 SMEs in key sectors including health tech, pure tech, edtech, legal tech, food tech, tourism tech, and insurance tech.