The Banking Executive Magazine - December Issue 2022

Wio Bank WIO BANK PARTNERS WITH FAB TO FACILITATE CASH AND CHEQUE DEPOSITS Wio Bank, the region’s first plat- form bank, is partnering with First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest fi- nancial institutions, to offer its Wio Business customers cash and cheque facilities through FAB’s established ATM and CDM network. As a platform bank, Wio Bank of- fers a suite of highly targeted dig- ital-first solutions and has a strong focus on meeting the needs of growing start-ups and SMEs. Through its partnership with FAB, Wio Bank is enhancing the tools available to business owners, connecting seamless and secure digital banking solutions with essential cash and cheque deposits, as well as cash with- drawals services, using FAB’s reg- ulated physical infrastructure. The Wio Business app has been integrated with the FABePay por- tal to enable users to initiate cash or cheque deposits in a simple and convenient manner directly in the app, providing a unique ref- erence number to be used on every deposit transaction. The code can then be used at any FAB cash deposit machine (CDM) using the ‘Wio deposit’ service to complete the transaction. Infor- mation used to generate the refer- ence number is automatically matched with the deposit, ensur- ing a safe and secure transaction. Sanjay Sethi, head of Global Transaction Banking, FAB, said FAB believes in the transformative power of technology to deliver a simpler, more convenient and smarter experience for customers, while also meeting specialised banking needs. "We’re delighted to partner with Wio Bank to offer a convenient and seamless solution for cash and cheque deposits. Wio Bank has brought a new and innovative approach to banking, and we look forward to working together to support its growth.” Jamal Al Awadhi, chief operating and experience officer, Wio Bank, said this is a milestone collabora- tion in our journey towards strengthening our product and service suite under the Wio Busi- ness umbrella. "As one of the key shareholders of Wio, FAB helps provide Wio cus- tomers the benefit of utilitising their wide scale of reach and op- erations in the UAE. We are very grateful to be partnering with FAB to enhance our service offering and deliver on our promise to bring easy and simplified banking solutions to our customers,” he said. Wio Bank officially launched in September by offering three key capabilities, namely Digital Bank- ing apps, Embedded Finance and Banking-as-a-Service solutions. Wio Bank’s first digital banking application Wio Business is de- signed to provide start-ups, free- lancers, and SMEs with access to banking services seamlessly, while giving them the opportunity to move forward with innovative beyond-banking services. ISSUE 168 DECEMBER 2022 the BANKING EXECUTIVE 15