Wio Bank Redefines SME Banking with New Embedded Finance Services in the UAE

Wio Bank PJSC, the region’s first platform bank, is introducing a new  embedded finance service designed especially for the UAE’s small and medium-sized enterprises (SMEs).  This initiative includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl  and Wafeq, aiming to embed banking services into daily business operations and simplify financial  management. 

Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises  (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial  management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing  management and eliminating the need for third-party intermediaries. This integration automates  bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core  activities. 

Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: “By  adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct  integration initiative simplifies how financial services are delivered and managed, making it easier and more  transparent for SMEs.” 

With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio  Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners,  is designed to simplify business operations, allowing them to thrive by focusing on growth rather than  administrative financial tasks. 

A New Era of Financial Management 

Through Wio Business, companies can now link their accounts with selected software platforms such as  Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. This integration eliminates  the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial  insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of  bank statement. Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms  facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor  and errors, and enhancing cost efficiency and operational gains. 

Wio Bank was established to redefine banking in the UAE for both businesses and consumers. Its second  digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage,  and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a  foundation for achieving personal financial goals with an engaging experience that includes smart cards  and exciting rewards.