Wio Bank and Mambu bring digital banking services to the UAE

By Leandra Monteiro

Wio Bank, the first platform bank regulated by the Central Bank of the United Arab Emirates (UAE), has announced its successful go live on Mambu. Mambu’s cloud-native banking platform enables the Bank to achieve a faster time to market as it helps establish the UAE as a hub for the growing digital economy.

Wio Bank aims to spearhead digital transformation in the financial sector in the region with high-quality, next-generation products that are secure, transparent and convenient. Leveraging Mambu’s API-driven, cloud platform, Wio Bank has been able to build and launch financial products quickly and at scale as it empowers business customers and individuals with its modern digital banking solutions. Features include streamlined account opening, eased managing and tracking of expenses and simplified invoicing and payment services, so SMEs can get up and running quickly with simple banking tools to better manage their business.

“Wio Bank exists to shift traditional banking operating models to enable digital businesses. On Mambu, we can design and deliver modern financial products and services to our customers to make their lives easier,” said Serge Terentyev, Chief Technology Officer at Wio Bank. “Together we can take an active role in embedding modern financial services in the region and empowering customers to access banking services effortlessly, while allowing them to do more in their business and personal lives.”

Miljan Stamenkovic, General Manager MENA at Mambu, said, “Wio Bank is paving the way for a new era of world-class banking experiences in the UAE. The company is firmly focused on improving user experiences and catering to an audience that’s digitally savvy. We help Wio deliver innovative end-to-end customer-focused solutions with a faster time-to-market and ease. We look forward to supporting Wio in making money management easy and supporting businesses as well as individuals with seamless digital banking journeys.”

In a second phase, Mambu will support Wio Bank with Wio Business, its first digital banking application, and a suite of solutions in embedded finance and banking as a service (BaaS), which launched in September 2022.