emirates7 - Dubai, UAE – The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the Ministry of Finance to support innovation in the UAE, has signed a Memorandum of Understanding (MoU) with Wio Bank PJSC, the region’s first platform bank, to provide MBRIF members with exclusive benefits through Wio Bank’s tailored digital banking solutions.
As part of the collaboration, MBRIF members will benefit from a comprehensive Business Bundle. This includes streamlined onboarding, a six-month free subscription to Wio Business, and quarterly networking sessions to explore innovative banking solutions. Wio Business, the bank’s flagship digital banking application, offers features tailored to businesses of all sizes, enabling them to manage their finances more efficiently. The suite of lending solutions available to MBRIF members will provide the financial support they need to establish themselves in the market and scale up. This suite comprises supply chain finance solutions; channel finance and receivables financing solutions; a revolving overdraft facility with flexible drawdown options; and a unique credit card tailored towards SMEs with several value-adding features.
Members will also be able to access a workshop focusing on banking solutions for start-ups and SMEs.
Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for Support Services Sector, Chief Innovation Officer at the UAE Ministry of Finance, and the Ministry's representative at the MBRIF, said: “This MoU with Wio Bank underlines with MBRIFs commitment to innovation and digital transformation. Empowering our members to succeed and achieve their growth ambitions is one of our key priorities, and such collaborations provide practical solutions to help them scale their enterprises efficiently and seamlessly. This aligns with MBRIF’s vision to support the UAE’s accelerating innovation ecosystem, enabling innovators to excel and achieve their growth potential both in the country and internationally, through tailored services and connections that meet their needs.”
The MoU was signed at 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, as the signatories.
Prateek Vahie, Chief Commercial Officer at Wio Bank PJSC, said: “This partnership reflects Wio Bank’s mission to empower SMEs and start-ups with next-generation banking solutions that drive growth and innovation. By partnering with MBRIF, we’re bringing financial tools and resources to a community that is shaping the UAE’s future economy. Our goal is to simplify and support the entrepreneurial journey, enabling innovators to focus on building impactful ventures while contributing to the UAE’s thriving entrepreneurial ecosystem.
As part of the collaboration, MBRIF members will benefit from a comprehensive Business Bundle. This includes streamlined onboarding, a six-month free subscription to Wio Business, and quarterly networking sessions to explore innovative banking solutions. Wio Business, the bank’s flagship digital banking application, offers features tailored to businesses of all sizes, enabling them to manage their finances more efficiently. The suite of lending solutions available to MBRIF members will provide the financial support they need to establish themselves in the market and scale up. This suite comprises supply chain finance solutions; channel finance and receivables financing solutions; a revolving overdraft facility with flexible drawdown options; and a unique credit card tailored towards SMEs with several value-adding features.
Members will also be able to access a workshop focusing on banking solutions for start-ups and SMEs.
Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for Support Services Sector, Chief Innovation Officer at the UAE Ministry of Finance, and the Ministry's representative at the MBRIF, said: “This MoU with Wio Bank underlines with MBRIFs commitment to innovation and digital transformation. Empowering our members to succeed and achieve their growth ambitions is one of our key priorities, and such collaborations provide practical solutions to help them scale their enterprises efficiently and seamlessly. This aligns with MBRIF’s vision to support the UAE’s accelerating innovation ecosystem, enabling innovators to excel and achieve their growth potential both in the country and internationally, through tailored services and connections that meet their needs.”
The MoU was signed at 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, as the signatories.
Prateek Vahie, Chief Commercial Officer at Wio Bank PJSC, said: “This partnership reflects Wio Bank’s mission to empower SMEs and start-ups with next-generation banking solutions that drive growth and innovation. By partnering with MBRIF, we’re bringing financial tools and resources to a community that is shaping the UAE’s future economy. Our goal is to simplify and support the entrepreneurial journey, enabling innovators to focus on building impactful ventures while contributing to the UAE’s thriving entrepreneurial ecosystem.