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Meydan Free Zone partners with Wio Bank to provide digital banking services to license holders

By Leandra Monteiro

November 17, 2022

  • Banking-as-Service
  • Digital Transformation
  • Embedded Finance

Wio Bank, Meydan Free ZoneMeydan Free Zone has partnered with Wio Bank, the region’s first platform bank, to provide digital business banking services to their license holders. The partnership will enable trade license holders of Meydan Free Zone to leverage Wio’s advanced banking solutions that are built around three main capabilities: Digital Banking apps, Embedded Finance and Banking-as-Service (BAAS) solutions.

Wio’s first digital banking application designed for SMEs, Wio Business, offers a wide range of tailored banking services that are built around each client’s needs, helping them automate their admin, be in control of their spending with unlimited virtual cards for their team, create various Saving Spaces for VAT, rent, etc., and focus on growing their business.

Prateek Vahie, Chief Commercial Officer, Wio Bank, said, “Wio’s aim is to enable businesses in the UAE by providing advanced banking solutions to SMEs, entrepreneurs and freelancers. Businesses licensed through Meydan can not only leverage our banking app Wio Business for the seamless banking solutions it offers, but also accelerate their digital and e-commerce ambitions through Wio’s embedded finance and BaaS capabilities. Wio offers an advanced financial platform that aims to empower businesses by creating innovative end-to-end customer solutions and building a collaborative business banking ecosystem in the UAE.”

From their side, Meydan Free Zone said, “Our vision is to further stimulate the economy by attracting more foreign direct investment into the UAE, as well as supporting startups and championing entrepreneurship locally. We are proud to play a key role in enhancing Dubai’s position as a leading hub for trade by attracting business owners committed to commercial growth and success.”

In partnership with the Meydan Free Zone, Wio Business will provide start-ups, freelancers, and small and medium enterprises access to banking services while empowering them with beyond-banking services. The offering was developed in collaboration with customers and built to get SMEs up and sprint by providing accessible and simple banking tools to manage their business better.

To empower the global ambitions of businesses, Meydan Free Zone will soon launch additional services and solutions to continue empowering and supporting Meydan Free Zone Partners, Licensed Companies, and entrepreneurs, creating an ecosystem that delivers all types of facilities, products, and services to ensure holistic growth.

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