Official launch of the platform in the UAE
Wio Bank allows small businesses to open a bank account without a minimum balance
during the launch of the new platform.
From the source
The Wio Bank platform announced yesterday its official launch in the UAE, becoming the first integrated financial platform of its kind in the region, noting that it allows small and medium-sized companies to open a bank account without a balance.
The platform is the third digital bank licensed in the country by the Central Bank, and is based in Abu Dhabi.
In statements to reporters, on the sidelines of the launch of the platform, Wio Bank Chairman Salem Al-Naimi said that the aim of launching Wio is to focus on the small and medium-sized companies sector, and to provide support to them by building joint strategies that ensure the provision of necessary banking services at the lowest cost. Cost and best quality.
Al-Nuaimi added that the new digital platform currently provides the ability to open a bank account at a fee of 99 dirhams, and without a minimum balance, explaining that the owner of a start-up or small company can open the account and activate the account within one day only, without the need to deposit any amount in it, in addition to obtaining on an ATM card.
He pointed out that the coming period will witness the development of services at a faster pace, to meet the needs of companies and individuals alike.
For his part, CEO of the platform, Jayesh Patel, said that (Wio) will focus on providing the latest digital banking applications to customers, integrating financial services into digital businesses frequented by consumers, and the platform will provide banking solutions as a service to financial technology companies and non-financial companies. With the aim of accelerating the creation of innovative and comprehensive solutions for customers.
He added that the first product designed specifically for small and medium business customers was launched, pointing out that the "Wio Business" application will allow startups in the UAE to access banking and business support services in a fast, convenient and fully digital way.
The new platform offers solutions in three sectors, namely digital banking applications, embedded finance, and banking solutions as a service.
Wio will launch a range of digital banking applications for individual and corporate customers, providing them with easy and quick access to banking services, and helping to empower them with ideas, information and tools to efficiently manage their personal and business lives.
It is noteworthy that the market size of banking solutions as a service is expected to reach nine trillion dirhams globally by the end of this decade.
partnership
The Wio Bank platform announced that it will partner with digital companies to provide “banking solutions as a service” services, enabling companies to provide banking products and services to their customers.
The platform is the third digital bank licensed in the country by the Central Bank.
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