Wio Bank, the UAE platform bank, has introduced a new embedded finance service designed for small and medium-sized enterprises (SMEs).
In partnership with accounting software platforms Zoho Books, Fiskl and Wafeq, Wio Business, the bank’s digital banking application, integrates banking services into daily operations, simplifying financial management for SMEs.
This integration automates bookkeeping, reduces manual labour, and provides real-time financial insights. With 94 per cent of UAE businesses being SMEs, this initiative aims to streamline financial workflows and support business growth.
Jayesh Patel, CEO of Wio Bank PJSC, comments: “By adopting embedded finance, we are transforming 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.”
The service
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.
This 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 statement.
Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation.
Wio Bank’s second digital offering, Wio Personal, is a day-to-day banking platform that offers individuals financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and rewards.