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MIDDLE EAST
WIO BANK AND MAMBU BRING DIGITAL BANKING SERVICES TO THE UAE
Wio Bank has announced its successful go live on Mambu . Mambu ’ s platform enables Wio Bank to achieve a faster time-tomarket 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 startups , freelancers and small and medium enterprises ( SMEs ) – groups that still largely rely on brick-andmortar branches to open accounts and carry out business transactions .
Wio Bank aims to spearhead Digital Transformation in the financial sector 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 ,” said 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 one of the largest percentages 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 %).
“ Wio Bank is paving the way for a new era of worldclass banking experiences in the UAE ,” added Miljan Stamenkovic , General Manager MENA at Mambu . “ The company is firmly focused on improving user experiences and catering to an audience that ’ s digitally savvy . We help Wio deliver innovative end-toend customer-focused solutions with a faster time-tomarket 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 ). �
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