MBRIF, Wio Bank Unite for Digital Banking Solutions

The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative by the UAE Ministry of Finance to foster innovation, has signed a Memorandum of Understanding (MoU) with Wio Bank PJSC, the region’s first platform bank. This collaboration aims to provide MBRIF members with exclusive benefits through Wio Bank’s cutting-edge digital banking solutions.

Under the partnership, MBRIF members will gain access to a comprehensive Business Bundle, including:

• Streamlined onboarding processes.
• A six-month free subscription to Wio Business, the bank’s flagship digital banking application tailored for businesses of all sizes.
• Quarterly networking sessions to explore innovative banking solutions.

Additionally, members will benefit from Wio Bank’s suite of lending solutions, designed to support market establishment and growth. These solutions include supply chain finance, channel finance, receivables financing, a revolving overdraft facility with flexible drawdowns, and a unique SME-focused credit card offering value-added features. To further empower innovators, Wio Bank will host workshops on banking solutions tailored for start-ups and SMEs.

Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for Support Services Sector and Chief Innovation Officer at the Ministry of Finance, highlighted the significance of the partnership:

“This MoU with Wio Bank reinforces MBRIF’s commitment to innovation and digital transformation. Empowering our members to achieve their growth ambitions is a key priority, and collaborations like this offer practical solutions to scale their enterprises. This aligns with MBRIF’s vision to strengthen the UAE’s innovation ecosystem and enable innovators to thrive locally and globally through tailored services and connections.”

The MoU was signed during an official ceremony, with Shaker Zainal, Chief Business Officer at Emirates Development Bank and Head of MBRIF, and Prateek Vahie, Chief Commercial Officer at Wio Bank PJSC, representing their respective organizations.

Prateek Vahie emphasized the partnership’s alignment with Wio Bank’s mission:

“This collaboration reflects Wio Bank’s dedication to empowering SMEs and start-ups with next-generation banking solutions. By partnering with MBRIF, we’re providing financial tools and resources to a community shaping the UAE’s future economy. Our goal is to simplify the entrepreneurial journey, enabling innovators to focus on impactful ventures while contributing to the UAE’s thriving entrepreneurial ecosystem.”

This partnership underscores the commitment of both entities to advancing the UAE’s innovation-driven economy through tailored financial support and resources for emerging businesses.