Officials of ADDED and Wio Bank during the agreement signing ceremony.

The Abu Dhabi Department of Economic Development (ADDED), the catalyst of economic growth in the emirate, and Wio Bank, the region’s first platform bank, on Tuesday announced their cooperation to transform how Small and Medium Enterprises (SMEs) manage their finances, payments, and their overall business operations.

This partnership saves SMEs a significant amount of business operation time by fast-tracking the account opening process and delivering fast and seamless banking services via Wio Business, the business banking application from Wio Bank.

In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials - empowering them to make more informed business and investment decisions quickly.

Additionally, as part of the agreement, Wio will work closely with the Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services, including fully digital onboarding and simplified banking solutions, to SMEs registered with them - thereby boosting and enhancing the SME ecosystem in the emirate of Abu Dhabi.

Mouza Al Nasri, Executive Director of SMEs Sector at ADDED, said, “Partnerships with leading firms and entities in different sectors is part of our efforts to empower SMEs to benefit from ample opportunities provided by Abu Dhabi’s robust, resilient, and business-friendly ecosystem to expand and contribute positively to sustainable development.

WAM