Latest news with #WioBank
Zawya
2 days ago
- Business
- Zawya
Network International enters into strategic partnership with Wio Bank to endorse SME merchants
UAE – Network International has signed a strategic partnership with Wio Bank to offer digital lending solutions for SME merchants in the UAE, according to a press release. As a part of this collaboration, the lending products of the bank will be integrated into Network's platform, an innovative digital merchant lending marketplace designed to simplify and accelerate access to credit for SMEs. The partnership aims to empower SME business owners with faster, more efficient access to credit facilities through an end-to-end digital journey. Eligible merchants can apply for financing online, receive personalized loan offers from Wio Bank based on real-time transaction data from Network and complete the entire process, from loan application to loan disbursement, through a single platform. Group CEO of Network, Murat Cagri Suzer, said: 'At Network International, our focus is on building innovative solutions for our customers. In line with this vision, we have established partnerships with leading banks across the UAE to support the growth of SMEs.' Suzer noted: 'Small businesses transacting through Network International's payment platforms will have easier access to loans through our partnership with Wio Bank. Hence, we're excited to welcome Wio Bank to our platform as a digital lender, offering a lending experience as easy as one-click loans.' From his part, Jayesh Patel, the CEO of Wio Bank, said: 'Our partnership with Network International simplifies access to credit and financial management for SMEs. Our goal is to foster business growth and drive entrepreneurship across the UAE by enabling a stronger ecosystem where businesses can scale with confidence and succeed.' It is worth highlighting that the region-focused Network International and Magnati received key regulatory approvals for a merger process that is projected to close in the third quarter (Q3) of 2025.
Zawya
15-07-2025
- Business
- Zawya
Network International expands SME lending marketplace services with Wio Bank partnership
UAE: Network International (Network), a leading enabler of digital commerce in the Middle East and Africa, has announced a strategic partnership with Wio Bank PJSC, the UAE's leading digital bank, to offer digital lending solutions for SME merchants in the UAE. As a part of this collaboration, Wio Bank's lending products are now integrated into Network's platform, an innovative digital merchant lending marketplace designed to simplify and accelerate access to credit for SMEs. The partnership aims to empower SME business owners with faster, more efficient access to credit facilities through an end-to-end digital journey. Eligible merchants can apply for financing online, receive personalized loan offers from Wio Bank PJSC based on real-time transaction data from Network and complete the entire process, from loan application to loan disbursement, through a single platform. Murat Cagri Suzer, Group Chief Executive Officer at Network International, commented: 'At Network International, our focus is on building innovative solutions for our customers. In line with this vision, we have established partnerships with leading banks across the UAE to support the growth of SMEs. Small businesses transacting through Network International's payment platforms will have easier access to loans through our partnership with Wio Bank. Hence, we're excited to welcome Wio Bank to our platform as a digital lender, offering a lending experience as easy as one-click loans.' Jayesh Patel, CEO of Wio Bank, said: 'Our partnership with Network International simplifies access to credit and financial management for SMEs. Our goal is to foster business growth and drive entrepreneurship across the UAE by enabling a stronger ecosystem where businesses can scale with confidence and succeed.' This partnership strengthens Network's commitment to supporting SMEs with accessible financing and providing comprehensive business tools to merchants while expanding Wio Bank's reach to a broader base of merchants. About Network International Network International is the Middle East and Africa's largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in 50+ countries serving governments, banks, fintechs, merchants and public sector companies. We have 2,500+ employees based in our markets serving over 250 financial institutions and 196,000+ merchants. About Wio Bank PJSC Wio Bank PJSC, the Middle East's first digital financial platform, is reimagining banking for individuals and businesses. Headquartered in Abu Dhabi and backed by strategic investors including ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB), Wio combines cutting-edge technology with a human-centric approach to deliver seamless, personalised financial solutions. For personal banking, Wio offers smart tools and insights to help users take control of their finances, enabling them to save, spend, and grow with ease. For businesses, Wio goes beyond traditional banking by providing entrepreneurs and SMEs with a comprehensive digital platform designed to streamline operations, unlock growth opportunities, and simplify financial management. Wio is redefining the banking landscape as a market leader in Banking-as-a-Service (BaaS) and embedded finance, delivering innovative solutions that empower people, businesses, and communities with the infrastructure they need to access long-term wealth creation. By offering an end-to-end, frictionless digital platform for both retail and business customers, Wio is disrupting traditional banking models, creating operational efficiencies, and unlocking value-added services through a transparent, personalized customer experience. Wio Bank's commitment to innovation has been widely recognized, being named '#1 Fintech in MENA' by Forbes Middle East and 'Digital Bank of the Year' at both the E-Business Awards 2024 and Tech Innovation Awards 2024. The bank has also received 'Best Retail Banking Digital App Experience' award, 'SME Bank of the Year' award, and 'Intelligent Banking and Finance Implementation' award. Additionally, Wio's leadership excellence was acknowledged with inclusion in the Top 34 GCC Banking CEO Power List 2024 by Finance Middle East.
Entrepreneur
11-07-2025
- Business
- Entrepreneur
Editor's Note: Wio Bank has Changed the Game for Startups
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. As most of our readers will tell you, the single hardest thing about starting a new business in the UAE is opening a business bank account. Most banks are stuck in the 70s when it comes to the process. Even some of the most impressive, technologically advanced banks (I won't name them) find ways to complicate the process. It usually takes at least six weeks to do so, an enormous amount of paperwork and endless visits to the bank in person. Even once set up, the process of actually activating an account, obtaining a cheque book and debit card, is equally horrendous. All this can hugely complicate the workings of any start up. Licenses need to be obtained – which require bank guarantees. Basic capital costs have to be met, usually through a founder's personal savings and then recouped later. Thankfully, this nightmare is now over – thanks to Wio Bank. ADQ and Alpha Dhabi are the primary shareholders with a combined stake of 65%, while e& holds 25%, and First Abu Dhabi Bank 10%. Between them, they have somehow managed to totally change the game for start-ups. The entire application process can only be done through an app, takes only ten minutes, and most accounts are both approved and active in less than 30 hours. Yes, you read that right – 30 hours. I challenge any of the traditional banks to even get the process done in three days – there is zero chance of them doing so. Three weeks at absolute best. Just to be clear, I know all this because I recently opened a Wio business account. Apart from the incredibly smooth opening process, the actual operation of the account – and small things such as allowing multiple users that make a big difference – has been staggeringly good. Wio was only established with an initial capital of US$626.7 million. In May 2024, Wio Bank announced that it had achieved profitability in its first full year, reporting revenue of $72.6 million and a net profit of $545,000 in 2023. It already serves more than 200,000 customers across Wio Business and Wio Personal. More importantly, I believe it has completely changed the game. And that can only be a good thing.
Zawya
20-05-2025
- Business
- Zawya
Bain & Company explores the future of financial services at the Economy Middle East Summit 2025
Abu Dhabi — Bain & Company took part in the Economy Middle East Summit 2025, held in partnership with the Abu Dhabi Global Market (ADGM), where Bianca Leodari, Partner, Bain & Company Middle East, moderated a panel discussion titled 'Evolving in Finance: Exploring Tomorrow's Financial Services Landscape.' The session brought together leading voices from finance, technology, and regulation to explore the structural shifts redefining financial services across the region and globally. The panel featured Jayesh Patel, CEO of Wio Bank; Sunidhi Pasan, Founder and Group CEO of Finstreet; and Mary Anne Scicluna, Senior Executive Director at the Financial Services Regulatory Authority (FSRA) of ADGM. Together, they examined how generative AI, regulation, and modern market infrastructure are reshaping the very foundation of the financial sector. 'What we're seeing now isn't just another wave of digitization, technologies like generative AI are accelerating real change and redefining what institutions excel at. It's pushing firms to rethink their core capabilities, reconfigure their operating models, and collaborate more openly across ecosystems,' said Bianca Leodari, Partner at Bain & Company Middle East. The panel examined how financial institutions are rethinking their models—shifting from traditional vertical integration to ecosystem strategies that prioritize agility, partnership, and customer-centricity. In parallel, AI is becoming an increasingly powerful force across every layer of the sector: enabling hyper-personalized services, automating compliance, enhancing risk detection, and powering intelligent operations. 'AI is no longer a back-office tool, it's becoming a core enabler of business strategy as well as regulation' said Leodari. 'The institutions that thrive will be those that integrate AI not just as a technology, but as a mindset, embedded into how they serve clients, manage risk, and adapt in real time.' The conversation also underscored the role of regulators in embracing machine-readable rules, AI-enabled supervision, and outcome-based compliance to match the pace of innovation, while ensuring resilience and consumer protection. Bain & Company's participation reflects its ongoing commitment to supporting financial institutions in navigating structural change and building competitive, technology-enabled models that are fit for the future.
Zawya
15-05-2025
- Business
- Zawya
Wio Bank PJSC announces new Chairman and Board appointments
Abu Dhabi, UAE – Wio Bank PJSC, the UAE's leading digital bank, is pleased to announce the appointment of H.E. Mansour AlMulla as Chairman of the Board, alongside the addition of four new board members. These appointments will help to further accelerate Wio Bank's growth trajectory, whilst ensuring the bank continues to drive long-term value for its stakeholders, and contribute meaningfully to the UAE's digital economy. H.E. AlMulla is the Deputy Group CEO of ADQ, a sovereign investor with a focus on critical infrastructure and global supply chains. He brings over 23 years of experience across several sectors, including financial services. Joining H.E. AlMulla on the Board are Eng. Hamad Al Ameri, Dr. Jaap Kalkman, Jawad Shafique, and Samy Ben-Jaafar leaders who bring extensive expertise across finance, banking, technology and investments. H.E. Mansour AlMulla, Chairman of Wio Bank, said: 'At Wio, our mission is to redefine how individuals and businesses engage with financial services through innovation and a digital-first mindset. Joining the Board at this important stage is a meaningful step toward advancing the bank's aspirations for growth, impact, and industry leadership. Wio is well positioned to support the UAE's vision of becoming a global hub for financial innovation. I would like to take this opportunity to thank the outgoing Board members for their contributions and I look forward to building on their achievements.' Commenting on the new appointments Jayesh Patel, Chief Executive Officer of Wio Bank PJSC said: ' We are delighted to welcome the new Board to help us guide and drive the next chapter of growth for Wio. I would also like to thank the outgoing Board and Chairman H.E. Salem Al Nuaimi for setting a strong foundation and leading Wio from a startup to growth stage bank.' They join continuing board members Fadel Abdulbaqi Al Ali, Khalifa Al Forah AlShamsi, Masood M. Sherif Mahmood, and Futoon Al Mazrouei. Since its launch in 2022, Wio Bank has operated with a single purpose: to simplify and improve how individuals and businesses engage with their finances. Backed by strategic shareholders including ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB), Wio continues to evolve as a platform built for the real economy. About Wio Bank PJSC: Wio Bank PJSC, the Middle East's first digital financial platform, is reimagining banking for individuals and businesses. Headquartered in Abu Dhabi and backed by strategic investors including ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB), Wio combines cutting-edge technology with a human-centric approach to deliver seamless, personalised financial solutions. For personal banking, Wio offers smart tools and insights to help users take control of their finances, enabling them to save, spend, and grow with ease. For businesses, Wio goes beyond traditional banking by providing entrepreneurs and SMEs with a comprehensive digital platform designed to streamline operations, unlock growth opportunities, and simplify financial management. Wio is redefining the banking landscape as a market leader in Banking-as-a-Service (BaaS) and embedded finance, delivering innovative solutions that empower people, businesses, and communities with the infrastructure they need to access long-term wealth creation. By offering an end-to-end, frictionless digital platform for both retail and business customers, Wio is disrupting traditional banking models, creating operational efficiencies, and unlocking value-added services through a transparent, personalized customer experience. Wio Bank's commitment to innovation has been widely recognized, being named '#1 Fintech in MENA' by Forbes Middle East and 'Digital Bank of the Year' at both the E-Business Awards 2024 and Tech Innovation Awards 2024. The bank has also received 'Best Retail Banking Digital App Experience' award, 'SME Bank of the Year' award, and 'Intelligent Banking and Finance Implementation' award. Additionally, Wio's leadership excellence was acknowledged with inclusion in the Top 34 GCC Banking CEO Power List 2024 by Finance Middle East. For more information, visit
