Being a platform Bank, Wio Bank provides a suite of highly targeted digital-first solutions, with a strong focus on having the needs of growing start-ups and SMEs met. By having partnered with FAB, Wio Bank is looking to have the tools available to business owners enhanced, connecting simplified and secure digital banking solutions with essential cash and cheque deposits, in addition to cash withdrawals services, by leveraging FAB’s regulated physical infrastructure.
As per information provided in the press release, having been integrated with the FABePay portal, the Wio Business app is set to enable users to have cash or cheque deposits initiated in a simple and convenient manner directly in the app, offering a unique reference number that is to be used on each deposit transaction. Making use of the ‘Wio deposit’ service, the code can then be utilised at any FAB cash deposit machine (CDM) to have the transaction completed. Furthermore, the information leveraged to have the reference number generated is automatically matched with the deposit, helping ensure the transaction is carried out in a safe and secure manner.
When speaking on the collaboration announcement, FAB representatives have stated that the company believes technology to have a transformative power when it comes to the delivery of simplified, increasingly convenient, and smarter experiences for customers, while simultaneously meeting specialised banking needs. By having partnered with Wio Bank, the enterprise is set to offer a convenient and simplified solution when it comes to cash and cheque deposits, with Wio Bank thought to have brought an ‘innovative approach to banking’ and with FAB looking to continue working together to support its growth, as per FAB officials’ statement.
Wio Bank spokespersons added that the partnership marks a milestone in the bank’s journey towards having their product and service suite under the Wio Business umbrella strengthened. As per information provided in the press release, with FAB being one of Wio’s key shareholders, FAB helps provide Wio customers with the option of utilising their wide scale reach and operations in the UAE, while also enabling Wio to enhance their service offering and deliver to their customers easy and simplified banking solutions.
Having officially launched in September 2022, as per information provided in the announcement, Wio Bank provides three core capabilities which include digital banking apps, embedded finance, and Banking-as-a-Service solutions.
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