Wio Bank acquires over 20,000 SME customers since launch

Region's first platform bank has a diverse range of products for the fintech and digital economy

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Jayesh Patel, CEO, Wio Bank
Jayesh Patel, CEO, Wio Bank

A Staff Reporter

Published: Wed 5 Jul 2023, 9:22 PM

Wio Bank, the region’s first platform bank bringing the capabilities of digital banking apps, embedded finance, and banking as a service, has acquired over 20,000 SME customers since its launch in September last year.

“As a digitally native platform, Wio is built for agility and adaptability, while ensuring the highest level of security. Our digital DNA enables us to seamlessly integrate with partners like the Abu Dhabi Department of Economic Development, Dubai Economic Department, and global fintechs to develop value-added services for our customers. We have robust KPIs and clean data systems that allows us to develop new services and work with partners efficiently,” Jayesh Patel, CEO, Wio Bank, told Khaleej Times in an interview.

“As we develop our embedded finance capability, customers will gain access to a wider range of services from our partner network. Meanwhile, our Banking-as-a-Service (BaaS) capability is a key component in contributing to the fintech and digital economy,” Patel added.

Launched in September 2022 and regulated by the Central Bank of the UAE, Wio Bank aims to facilitate the growth of the digital economy by adopting a more open banking operating model that better serves the economy of the future. It offers personalized features and integrated services that cater to personal and professional needs, assisting users in managing spending, savings, and planning for the future. Wio Bank is owned by Abu Dhabi Development Company (ADQ), Alpha Dhabi Holding, Etisalat (e&), and First Abu Dhabi Bank (FAB), with an initial capital investment of Dh2.3 billion. The platform has attracted a diverse range of entrepreneurs in the UAE, aged 23 to 69.

Wio Bank’s first digital banking application Wio Business has been created as a tailored business banking solution for small and medium sized businesses (SMEs). Wio Business was set up as a a fully digital bank that provides seamless access to banking services to start-ups, freelancers and SMEs while empowering them with innovative beyond-banking services to help further their business. Wio Business’ services are built around each client’s needs, helping them set up quickly, automate their admin, be in control of their spending with unlimited virtual cards for their team, create various saving spaces for VAT, rent, and other business needs, and focus on growing their business. In March 2023, Wio Bank announced the launch of its new ‘Grow’ business plan for Wio Business customers, offering a suite of industry-first benefits to support business growth. The plan includes guaranteed interest on savings, free processing of salary transfers via the Wage Protection System (WPS), and a guaranteed US dollar exchange rate of Dh3.673 on US Dollar accounts. The new plan’s enhanced offerings are intended to make banking simpler, more accessible, and cost-effective for small and medium-sized businesses (SMEs) in the UAE, the bank said.

“Wio Business is a comprehensive financial management tool designed to enable SMEs to maximise their business potential. Opening an account quickly and effortlessly is just the start. Wio Business is equipped with all the basic features needed for efficient financial management,” Patel said. “We empower businesses to manage their money effectively through features like virtual cards, which aid in budgeting and planning. Our saving spaces feature helps businesses set aside funds for future expenses. An added benefit is that customers can earn up to 3 per cent interest on their business savings, further enhancing their financial growth. Our automated invoicing system also simplifies tracking receivables,” he added.

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