The service aims to embed banking services into daily business operations
Abu Dhabi -Sharikat Mubasher: Wio Bank PJSC, the region’s first platform bank, announced the launching of a new financial tool designed especially for the UAE’s small and medium-sized enterprises (SMEs).
This tool is an embedded finance service initiative that includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl, and Wafeq, according to the company's recent press release.
The service aims to embed banking services into daily business operations and simplify financial management.
Wio Business, the bank's first digital banking application, caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries.
This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities.
Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, commented: "By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs."
With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks.