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Wio Bank PJSC Launches SME-Friendly Banking Services in the UAE

Wio Bank UAE Paymentology SME
March 30, 2023

Wio Bank PJSC Launches SME-Friendly Banking Services in the UAE

Paymentology’s card issuing platform and analytics capabilities to support Wio Bank PJSC as it launches financial services across the UAE.

Global issuer-processor Paymentology has joined forces with Wio Bank PJSC, the region’s first platform bank, to power its latest banking model with customer-centric card payment services across the UAE.

Wio Bank PJSC is leveraging Paymentology’s in-cloud card issuing platform and data analytics capabilities to launch financial products at scale, as it empowers businesses and consumers with contemporary digital banking solutions.

Paymentology is integral to enhancing the offerings of Wio Business, Wio Bank PJSC’s first digital banking application tailored to small and medium-sized enterprises (SMEs). The bank provides simplified, digital financial services such as issuing physical and virtual cards for SMEs, a segment that has historically relied on brick-and-mortar branches to open accounts and carry out business transactions.

Together, the companies are removing friction for long-underserved SMEs, entrepreneurs and freelancers, enabling them to open a business account immediately, avoiding wait times and empowering them to utilise the service with both physical and virtual cards.

Paymentology card services

Through its platform, Paymentology facilitates a variety of card services for Wio Business including Visa debit cards, Apple PayGoogle Pay and card personalisation services. Additionally, Paymentology provides a real-time data feed exposing granular customer spending insights to help Wio continually improve its proposition.

Jayesh Patel, CEO of Wio Bank PJSC, comments: “At Wio Bank PJSC, our mission is to reboot banking in the region, and that requires partnering with like-minded companies that have the capabilities to support integrated platform banking.”

“We are thrilled to collaborate with Paymentology, as they share our vision to support small and medium-sized businesses – a vital economic segment in the UAE,” continues Patel. “This partnership will enable us to offer a comprehensive range of payment card services to Wio Business customers and gain valuable insights to better serve their needs.”

Additionally, Rowan Brewer, CEO of Paymentology, explains how the UAE is “at the forefront of innovation in digital financial services, and it is making huge strides toward becoming a cashless society in the not-too-distant future.”

“At Paymentology, we’re incredibly proud of the role we are playing in supporting fintechs to achieve their ambitions in the region with increasingly localised, customer-centric, and data-driven propositions,” he continues.

“Looking ahead, we relish the opportunity to continue expanding in the Middle East with our esteemed clients, like Wio Bank PJSC, that are spearheading digital transformation and ultimately changing the way we bank and pay.”

Financial services development in the UAE

The announcement comes as the financial services sector in the UAE continues to undergo rapid transformation driven by increasing consumer demand for digital products and services.

Research by Visa shows that 52 per cent of consumers in the Emirates plan to go cashless by 2024, compared to 41 per cent globally.

Meanwhile, 96 per cent of small and micro businesses (SMBs) surveyed by Visa said that accepting new forms of payments is fundamental to their growth. Paymentology’s partnership with Wio will above all help the bank to support this demand and provide consumers and businesses alike with a variety of innovative payment options.

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