Which bank would Zyla Accountants recommend for my business in the UAE?
One of the common questions we receive as accountants in the UAE is "Which business bank do you recommend?" The answer is Wio Bank and we are customers ourselves! Link to website: https://www.wio.io
Wio Bank, which describes itself as “the region’s first platform bank”, officially launched operations in the UAE, with its HQ in Abu Dhabi in 2022.
The digital bank provides financial solutions via digital banking apps, embedded finance and Banking-as-a-Service (BaaS).
Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, Etisalat and First Abu Dhabi Bank (FAB) with an initial capital of AED 2.3 billion ($630 million).
Wio aims to partner up with other fintech start-ups to offer customers a “fully digital banking experience” through its mobile app.
“Wio will focus on introducing state-of-the-art digital banking apps for customers and embedding financial services in digital businesses frequented by consumers,” says Jayesh Patel, CEO of Wio Bank.
Wio Business offers business banking solutions such as digital account opening, expense management, virtual cards, foreign exchange, payments, and savings for SMEs, entrepreneurs, and freelancers.
Business types Wio support:
Sole proprietors or individuals with sole authorisation to open and operate a bank account for their company.
Businesses with joint authorisation to open and operate a bank account for their company.
Freelancers with a freelancer permit issued by a licensing authority.
Wio Bank, the region’s first platform bank bringing 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.
High Net Worth Individuals
With higher interest rates on deposits, the Wio platform's 'Plus' plan offers a promotional interest rate of 6% on savings between Dh1 million and Dh5 million for a promotional period. The interest rate on accounts with a balance of AED 5 million or more will be 4 per cent annually.