AstroLabs and Wio Bank have entered a Memorandum of Understanding (MoU). This partnership marks the beginning of a collaborative effort aimed at streamlining banking operations, licensing processes and tailored expansion services provided to growth companies.
Wio Bank was created to reboot banking in the UAE for both businesses and consumers. The bank’s first application, Wio Business, is a banking solution designed to enable businesses to maximise their business potential. The application provides next-generation banking solutions to SMEs, freelancers and entrepreneurs while empowering them with beyond-banking services to help further their business.
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The core objective of this partnership is to facilitate and bolster the journey of companies in the region. AstroLabs supports high-growth companies expanding in the Gulf, developing key sectors in the region, while Wio Bank simplifies the business establishment journey and streamlines company financial processes.
Andrea Trevisi, Director of Dubai Expansion & Community, said: “This partnership underscores AstroLabs’ commitment to being the preferred business expansion platform in the region, enabling companies to seamlessly establish and scale their operations in the Gulf region as they chart their path to success.”
AstroLabs to contribute its understanding of the region’s ecosystem
This collaboration focuses on easing ‘know your client’ (KYC) procedures and business account opening, expanding access to financial services for businesses, making them more efficient and user-friendly. The synergy between AstroLabs and Wio Bank involves a seamless sharing of vital data and coordinated strategies across their compliance, sales, and IT departments.
Prateek Vahie, Chief Commercial Officer at Wio Bank, added: “The collaboration between Wio Bank and AstroLabs has the potential to revolutionise business growth in the Gulf region. By simplifying banking processes and improving access to financial services, we aim to remove roadblocks in the entrepreneurs’ journey, helping them focus on what they do best, innovating and scaling their businesses. The integration of technology in our services, combined with AstroLabs’ extensive understanding of the regional ecosystem, is a significant step towards creating a more efficient and supportive banking environment. We are excited by the vast possibilities this partnership offers in advancing the digital landscape of the region.”
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By GlobalDataBuilt upon a foundation of mutual data and information exchange, the alliance explores technological integrations to enhance service delivery and operational excellence. Wio Bank will play a pivotal role in sharing up-to-date procedures and protocols, alongside providing comprehensive training on banking products and services. Simultaneously, AstroLabs will contribute its understanding of the region’s ecosystem, as well as facilitate interactive customer engagement events, including webinars and focus groups.
To mark the start of the partnership, Wio Bank has announced an exclusive offer for AstroLabs members. By signing up, they can avail a joining offer which includes three months of free services. This initiative is part of Wio Bank’s commitment to support the AstroLabs cohorts, further showcasing their dedication towards fostering a nurturing and growth-oriented environment for SMEs in the region.
