Wio Bank, one of the first financial platform banks in the UAE has entered into a partnership with First Abu Dhabi Bank. As already known, FAB has gained a reputation as one of the safest financial institutions and largest banks in the UAE. With this partnership, Wio aims to offer its customers secure and state-of-the-art digital banking solutions.
With FAB’s CDM/ATM network and established robust physical infrastructure, Wio Bank plans to improve the technological tools offered to business owners, SMEs and growing start-ups by meeting their various needs. Wio Bank’s customers stand to benefit from the partnership during cash/cheque deposits and cash withdrawal services.
To enable easy transactions, the Wio Business App has been integrated with the FABePay portal. Wio Bank’s customers can initiate cash/cheque deposits directly in the app. For every deposit/transaction, they get provided a Unique Reference Number (code). They can use the code at any CDM (Cash Deposit Machine of FAB) to conclude the transaction via the ‘Wio Deposit’ service. To enable a safe/secure transaction, the reference number (generation and other procedures) gets matched with the deposit.
Sanjay Sethi, FAB’s Head of Global Transaction Banking said, “FAB believes in the transformative power of technology to deliver a simpler, more convenient and smarter experience for customers, while also meeting specialised banking needs. We’re delighted to partner with Wio Bank to offer a convenient and seamless solution for cash and cheque deposits. Wio Bank has brought a new and innovative approach to banking, and we look forward to working together to support its growth.”
Jamal Al Awadhi, Chief Operating & Experience Officer, Wio Bank, said: “This is a milestone collaboration in our journey towards strengthening our product and service suite under the Wio Business umbrella. As one of the key shareholders of Wio, FAB helps provide Wio customers the benefit of utilizing their wide scale of reach and operations in the UAE. We are very grateful to be partnering with FAB to enhance our service offering and deliver on our promise to bring easy and simplified banking solutions to our customers.”
Wio Bank commenced its operation in UAE in September 2022 by providing three main capabilities – Banking-as-a-Service Solutions, Embedded Finance, and Digital Banking apps. Its prime digital banking application, Wio Business has the best features to enable start-ups, SMEs, and freelancers gain access to seamless banking services, while at the same time, providing them ample opportunities to accelerate their business operations with ingenious state-of-the-art banking services.
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