ADGM partners with 3 banks to support businesses in Abu Dhabi

Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has partnered with Abu Dhabi Islamic Bank (ADIB), Wio Bank, and RAKBANK to facilitate knowledge sharing on latest banking developments and support small and medium-sized enterprises (SMEs) with access to key financial services.

The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM recently, in partnership with key economic drivers of the Abu Dhabi economy and a group of global and regional financial institutions.

The week-long event serves as a platform for in-depth conversations around the Mena region’s thriving financial sector, industry trends, developments and innovation involving financial markets and global banking.

The partnerships with ADIB and RAKBANK will focus on addressing the needs of key financial entities in Abu Dhabi by providing ADGM registered and licensed businesses with preferential banking services. The strategic agreements will see the parties collaborate with ADGM on initiating fast and efficient bank account opening, developing world-class education and business training material, as well as conducting research on financial services and fintech-related initiatives.

With the goal to further support SMEs in the UAE, the MoU with Wio Bank, the region’s first digital banking platform, will provide businesses with fast-tracked application submission and a unique opportunity to open a Zero Balance account with a one-month free trial, free debit card and cheque book, virtual debit cards, invoicing features and one of the best foreign currency conversion rates for international outward and inward remittances.

Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority at ADGM, said, “We are delighted to partner with these leading financial institutions in the region to collaborate on mutually beneficial initiatives and empower ADGM’s community with dedicated banking services. We are looking forward to witnessing the impact of these partnerships on long-term growth of small and medium-sized enterprises (SMEs) in the UAE and beyond. This agreement is an extension of our ongoing commitment to reinforce the capital’s positioning as a global financial services hub, while simultaneously supporting the backbone of UAE’s economy - the SMEs.”

Commenting on the partnership, Naser Al Awadhi, Group Chief Executive Officer, ADIB said, “This MoU is a strategic milestone in ADIB’s plan to contribute to economic and financial sector growth in the Emirate of Abu Dhabi and the UAE. In partnership with ADGM, we are committed to advancing the dynamic business environment and supporting thriving financial ecosystem.”

“ADIB will provide ADGM registered entities with seamless banking experience, bespoke financial solutions and expertise through a broad collection of customised products and services to help them achieve their full potential.”

Mona Walid, Chief People Officer and Head of Strategic Partnerships at Wio Bank, said, “At Wio, we strive to deliver the utmost convenience to the SME community to help them accelerate their business growth. We do this by tying up with like-minded partners that are committed to driving the government’s vision to empower SMEs, while also standing shoulder-to-shoulder with our customers.”

“Through our collaboration with ADGM, we will further ramp up our efforts to provide seamless access to financial services to SMEs, entrepreneurs, and freelancers, and facilitate their growth journey.”

Raheel Ahmed, CEO of RAKBANK, said, “This partnership with ADGM is another step forward in our commitment to support and provide financing solutions to entrepreneurs and businesses in the UAE.”

“RAKBANK is one of the leaders in business banking within the UAE, and this leadership has been built on our ability to create tailored solutions for businesses that drive growth, innovation and employment in the economy. I believe this partnership will equip businesses licensed within ADGM to access cutting-edge and quick banking solutions and services.”

Meanwhile earlier Abu Dhabi Islamic Bank (ADIB) signed a Memorandum of Understanding (MoU) with Abu Dhabi Global Market (ADGM), the international financial centre of the UAE capital, collaborating to support the growth needs of the financial community of Abu Dhabi.

The MoU entails ADIB providing ADGM registered and licensed entities and dedicated client managers Preferential Shari’a compliant banking services and facilitate knowledge sharing on latest banking and finance developments.

The MoU establishes a formal framework for cooperation and assistance between the Bank and ADGM, and both parties will be focusing on strengthening collaboration in the areas of education and training, business development, co-hosting Digital Lab, creating awareness research pertaining to financial services, banking, and fintech-related initiatives.