Wio Bank has partnered with Masdar City Free Zone to offer business accounts to free zone companies and salary banking benefits to their employees.
Under a memorandum of understanding, companies setting up and operating in Masdar City Free Zone, Abu Dhabi’s hub for research, sustainability, and innovation, will gain access to Wio Business, while their employees will be offered a dedicated Wio Personal salary banking package. UAE-based Wio is regulated by the Central Bank of the UAE and backed by ADQ, Alpha Dhabi Holding, etisalat, and First Abu Dhabi Bank.
Business banking from set-up
Wio Business offers fully digital account opening, payment and transfer tools, and financial management features for startups, SMEs, and established companies. Under the partnership, it will support free zone companies from the point they open an account during set-up through to managing payments, payroll, and cash flow as they grow. The free zone hosts more than 2,800 organisations, including the International Renewable Energy Agency, the UAE Space Agency, Siemens Energy, and G42.
Companies that bank with Wio Business can also use it to pay their staff, which connects the two sides of the partnership and makes it easier to offer employees the Wio Personal benefits. Prateek Vahie, Chief Commercial Officer at Wio Bank, stated that businesses gain a digital banking partner from the day they set up, while their employees get more from their salaries, making the free zone a more attractive place to build a company and a career.
Salary banking for employees
Employees across the free zone will have access to savings opportunities linked to salary transfers, special personal loan and credit card offers, and dedicated support, all through Wio Personal’s digital banking service. Wio Bank and Masdar City Free Zone will work together to introduce these benefits across the free zone community, helping companies offer additional value to their staff.
Dr Mohamed Al Breiki, Executive Director for Masdar City, stated that the free zone is home to a growing community of organisations and professionals. According to Al Breiki, the partnership brings digital banking to the free zone, giving employees, entrepreneurs, and businesses simpler ways to manage their finances. Beyond retail and business banking, Wio also provides Banking-as-a-Service and embedded finance infrastructure.
