State-backed digital bank Wio Bank said Monday that it has joined forces with First Abu Dhabi Bank (FAB) to offer business customers cash and cheque facilities through the bank’s established ATM and CDM network.
Wio said in a statement that the partnership with FAB is aimed at enhancing the tools available to business owners and it facilitates seamless and secure digital banking solutions through Abu Dhabi-based FAB’s regulated physical infrastructure.
Under the partnership, the Wio Business app has been integrated with the FABePay portal to enable users to initiate cash or cheque deposits simply and conveniently directly in the app, providing a unique reference number to be used on every deposit transaction.
“As one of the key shareholders of Wio, FAB helps provide Wio customers the benefit of utilitising their wide scale of reach and operations in the UAE,” Jamal Al Awadhi, Chief Operating & Experience Officer, Wio Bank said in the statement.
Wio, which calls itself a “platform bank”, officially launched last September and has three main business lines: digital banking apps, embedded finance and banking-as-a-service—the provision of banking through third-party distributors. The digital bank’s first mobile application, Wio Business, provides startups, freelancers and SMEs with access to innovative banking services.
The bank is 65% owned by Abu Dhabi wealth fund ADQ and Alpha Dhabi, 25% by e& while FAB owns the remaining 10%.
