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Wio Bank Announces Partnership With Stripe to Empower UAE SMEs
Wio Bank PJSC, the region’s first platform bank, has announced a partnership with Stripe, a financial infrastructure platform for businesses, which will enable SMEs in the UAE to access the power of e-commerce faster and more easily and conveniently.
Through this partnership, Wio Business, the first digital banking application from Wio, will empower SMEs and freelancers, who previously struggled to get access to payment products, to go into e- commerce faster with an easy-to-create Stripe account. This will allow them to activate their e- commerce business with a payment gateway and receive payments instantly. Wio Business and Stripe ensure easy onboarding and a simple pay-as-you-go pricing model. Users can soon sign up on the Wio Business app, and be set up with a payment gateway to optimise payments within minutes.
Jayesh Patel, CEO, Wio Bank commented on the partnership: “We have a vision of facilitating more digital commerce while removing as much friction as possible for our customers. Partnering with Stripe is a natural path to accelerate that goal as more businesses turn to online commerce as an opportunity, necessity, and competitive advantage in today’s global economy.”
To date, accepting online payments from the UAE has required onerous onboarding processes that take significant time and investment for businesses to complete, with most providers requiring physical in-person onboarding. Stripe’s fast and secure online setup via Wio will open up the internet economy for UAE companies.
Girard Moussa, head of UAE at Stripe said: “The UAE is a global tech talent hub. However, too many companies still face challenges when trying to accept payments, make payouts, and manage the finances of their internet businesses. We’re thrilled to work with Wio to help remove these complexities so businesses can focus on what makes them special.”
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