Wio Bank PJSC of the United Arab Emirates is to use solutions from payments technology provider Paymentology to power its banking model and card payment services.
Wio will provide businesses and consumers with digital banking solutions by leveraging Paymentology’s in-cloud card issuing platform and data analytics capabilities, enabling it to launch financial products at scale.
Wio Business, Wio Bank’s digital banking application aimed towards small-and-medium-sized enterprises, will allow clients to open a business account immediately and use the service with both physical and virtual cards.
Paymentology’s platform will facilitate a wide range of card services for Wio Business including card personalisation services. The firm will also provide real-time data feeds to Wio with customer spending insights that will help the bank continually improve its propositions to businesses.
“At Wio, our mission is to reboot banking in the region, and that requires partnering with like-minded companies that have the capabilities to support integrated platform banking,” said Jayesh Patel, CEO of Wio Bank. “We are thrilled to collaborate with Paymentology, as they share our vision to support small and medium-sized businesses – a vital economic segment in the UAE.”
The collaboration comes as the UAE undergoes rapid digital transformation, with 52 per cent of consumers planning to go cashless by 2024, according to Visa.
“At Paymentology, we’re incredibly proud of the role we are playing in supporting fintechs to achieve their ambitions in the region with increasingly localised, customer-centric, and data-driven propositions,” said Rowan Brewer, CEO of Paymentology. “Looking ahead, we relish the opportunity to continue expanding in the Middle East with our esteemed clients, like Wio Bank PJSC, that are spearheading digital transformation and ultimately changing the way we bank and pay.”