Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Wio Bank and Mambu bring digital banking services to the UAE

Abu Dhabi, 8 November 2022 – Wio Bank, the first platform bank regulated by the Central Bank of the United Arab Emirates (UAE), has announced its successful go live on Mambu. Mambu’s cloud-native banking platform enables Wio Bank to achieve a faster time to market as it helps establish the UAE as a hub for the growing digital economy.

Wio Bank provides access to banking and business support services in a fast, convenient and fully digital manner. Its offering is tailor-made for start-ups, freelancers and small-to-medium enterprises (SMEs), groups that still largely rely on brick-and-mortar branches to open accounts and carry out business transactions.

Wio Bank aims to spearhead digital transformation in the financial sector in the region with high-quality, next-generation products that are secure, transparent and convenient. Leveraging Mambu’s API-driven, cloud platform, Wio Bank has been able to build and launch financial products quickly and at scale as it empowers business customers and individuals with its modern digital banking solutions. Features include streamlined account opening, eased managing and tracking of expenses and simplified invoicing and payment services, so SMEs can get up and running quickly with simple banking tools to better manage their business.

“Wio Bank exists to shift traditional banking operating models to enable digital businesses. On Mambu, we can design and deliver modern financial products and services to our customers to make their lives easier,” says Serge Terentyev, Chief Technology Officer at Wio Bank. “Together we can take an active role in embedding modern financial services in the region and empowering customers to access banking services effortlessly, while allowing them to do more in their business and personal lives.”

The vast majority (90%) of UAE consumers state that the availability of online and digital banking services is important to them in a bank or financial institution. This is the largest percentage recorded globally, according to Mambu research. Out of all respondents surveyed, UAE consumers are also the most likely to pay a premium for financial services that offer greater flexibility (74%) and that save them time (68%).

Miljan Stamenkovic, General Manager MENA at Mambu, said: “Wio Bank is paving the way for a new era of world-class banking experiences in the UAE. The company is firmly focused on improving user experiences and catering to an audience that’s digitally savvy. We help Wio deliver innovative end-to-end customer-focused solutions with a faster time-to-market and ease. We look forward to supporting Wio in making money management easy and supporting businesses as well as individuals with seamless digital banking journeys.”

In a second phase, Mambu will support Wio Bank with Wio Business, its first digital banking application, and a suite of solutions in embedded finance and banking as a service (BaaS), which launched in September 2022.