Is Wio Bank Revolutionising SME Finance in the UAE?
Mokshita P.
10x Industry

Is Wio Bank Revolutionising SME Finance in the UAE?

It introduces Wio Business, integrating with top accounting platforms to streamline SME financial management. Automating tasks like bookkeeping, it aims to boost efficiency and growth for UAE businesses.

Wio Bank PJSC, the first platform bank in the region, is launching a new embedded finance service specifically for SMEs in the UAE. They’ve teamed up with top accounting software platforms like Zoho Books, Fiskl, and Wafeq to integrate banking services directly into everyday business operations, making financial management much simpler.

Their new digital banking application, Wio Business, is designed for MSMEs, as well as freelancers and entrepreneurs. By connecting directly with accounting and financial management systems via APIs, Wio Business streamlines financial workflows. This means no more dealing with third-party intermediaries. The integration automates tasks like bookkeeping, which cuts down on manual work and lets businesses focus more on their core activities.

Jayesh Patel, the CEO of Wio Bank, explained the vision behind this service: "Embedded Finance is changing how businesses handle their finances. Our integration makes financial services easier to manage and more transparent for SMEs."

Considering that over 94 percent of businesses in the UAE are SMEs, this service meets a critical need. Wio Bank’s initiative aims to simplify business operations, allowing these companies to grow by reducing time spent on financial administration.

Through Wio Business, companies can connect their accounts with software platforms like Zoho Books, Fiskl, and Wafeq, giving them a complete view of their financial status. This setup removes the need for third-party intermediaries, simplifies financial processes, provides real-time updates, and makes accounting tasks like bank statement reconciliation automatic. Plus, integrating Wio Business APIs with corporate ERPs and payment platforms automates account payables and transaction reconciliation, which cuts down on manual errors and boosts efficiency.

Wio Bank is all about redefining banking for both businesses and consumers in the UAE. Their other digital offering, Wio Personal, is a day-to-day banking platform that changes how people manage and grow their money. It gives users great financial visibility and flexibility, helping them reach their personal financial goals with features like smart cards and exciting rewards.