UAE digital bank Wio Bank is introducing a new embedded finance service designed for the country’s small and medium-sized enterprises (SMEs).
The initiative, which includes strategic partnerships with accounting software platforms Zoho Books, Fiskl and Wafeq, seeks to embed banking services into daily business operations and simplify financial management.
Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises, freelancers, and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries.
The integration automates bookkeeping, significantly reducing manual labour and allowing businesses to concentrate on their core activities.
“By adopting Embedded Finance, we transform how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs,” said Jayesh Patel, CEO of Wio Bank.
With over 94% of UAE businesses categorised as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. The initiative and its strategic partners aim to simplify business operations, allowing them to thrive by focusing on growth rather than administrative and financial tasks.
Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. The integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statements.
Furthermore, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labour and errors and enhancing cost efficiency and operational gains.
