Ajman NuVentures Centre Free Zone (ANCFZ) and Wio Bank PJSC, the UAE’s first platform bank, have signed a Memorandum of Understanding (MoU) to streamline the process of business setup and banking solutions for freezone clients.
This strategic collaboration unites ANCFZ’s mission to enhance the ease of doing business in Ajman with Wio Bank’s commitment to delivering next-generation, digital-first banking experiences tailored to the needs of modern entrepreneurs. By embedding financial services directly into the company formation journey, the partnership eliminates traditional barriers, accelerates time-to-launch, and equips business owners with the tools and confidence to succeed.
Aligned with the UAE’s national vision to foster entrepreneurship and SME growth, this initiative integrates financial services into the free zone ecosystem – supporting economic development while simplifying the path to business ownership. It also reflects Wio’s broader strategy to build ecosystem partnerships that unlock innovation, drive progress, and enable seamless business enablement.
Entrepreneurs setting up in ANCFZ will benefit from a fully digital onboarding experience, including the ability to submit a Wio Business account application in minutes and activate their account within three working days – significantly faster than traditional banking timelines. This integration addresses a long-standing challenge in SME setup and positions ANCFZ as a differentiated free zone offering in the UAE.
Prateek Vahie, Chief Commercial Officer at Wio Bank PJSC, said: “At Wio Bank, we are committed to empowering SMEs and entrepreneurs with smart, intuitive banking solutions designed around their ambitions. This partnership with ANCFZ is a powerful demonstration of that commitment in action. In line with the UAE’s vision to make business easier, faster, and more accessible, we’re showing how digital transformation can drive real-world impact. By integrating banking into the business setup journey, we’re not only removing barriers – we’re creating a launchpad for opportunity, growth, and long-term success.”
Rishi Somaiya, Chief Executive Officer at ANCFZ, said: “Our mission is to make business setup seamless. Partnering with Wio Bank takes this vision further by integrating essential banking directly into the journey. Together, we’re enabling entrepreneurs to launch with confidence, accelerate growth, and contribute to Ajman’s position as a rising hub for innovation and SME success.”
The collaboration is expected to benefit approximately more than 2000 SMEs annually, with ANCFZ continuing to grow as a hub for entrepreneurial activity in Ajman – already supporting the aspirations of more than 5000 investors and business founders.
