Abu Dhabi Global Market partners with ADIB, Wio Bank, RAKBANK to support SMEs

Abu Dhabi Global Market (ADGM) has partnered with Abu Dhabi Islamic Bank (ADIB), Wio Bank and RAKBANK to support small and medium-sized enterprises (SMEs) in Abu Dhabi with access to key financial services.

The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW).

The partnerships with ADIB and RAKBANK will focus on addressing the needs of key financial entities in Abu Dhabi by providing ADGM-registered and licensed businesses with preferential banking services.

The strategic agreements will see the parties collaborate with ADGM on initiating fast and efficient bank account opening, developing education and business training material, as well as conducting research on financial services and fintech-related initiatives.

ADGM’s MoU with Wio Bank will provide businesses with fast-tracked application submission and a unique opportunity to open a zero balance account with a one-month free trial, free debit card and cheque book, virtual debit cards, invoicing features and one of the best foreign currency conversion rates for international outward and inward remittances.

Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority at ADGM, said, “e are looking forward to witnessing the impact of these partnerships on long-term growth of small and medium-sized enterprises (SMEs) in the UAE and beyond. This agreement is an extension of our ongoing commitment to reinforce the capital’s positioning as a global financial services hub, while simultaneously supporting the backbone of UAE’s economy – the SMEs.”

Naser Al Awadhi, group CEO, ADIB said, “ADIB will provide ADGM registered entities with seamless banking experience, bespoke financial solutions and expertise through a broad collection of customised products and services to help them achieve their full potential.”

Mona Walid, chief people officer and head of strategic partnerships at Wio Bank, said, “At Wio, we strive to deliver the utmost convenience to the SME community to help them accelerate their business growth. We do this by tying up with like-minded partners that are committed to driving the government’s vision to empower SMEs, while also standing shoulder-to-shoulder with our customers.