UK-based issuer-processor Paymentology has teamed up with UAE-based platform bank Wio Bank to support its banking model with customer-centric card payment services. Under the partnership, Wio Bank will be leveraging Paymentology’s in-cloud card issuing platform and data analytics capabilities to launch financial products quickly and at scale, as it equips businesses and consumers with modern, digital banking solutions.

Augmenting digital banking operations for UAE-based SMEs Paymentology is instrumental in enhancing the offerings of Wio Business, Wio Bank PJSC’s first digital banking application tailored to small and medium-sized enterprises (SMEs). The bank provides simplified and fully digital financial services such as issuing physical and virtual cards for SMEs, a segment that has historically relied on brick-and-mortar branches to open accounts and carry out business transactions. Together, the companies are removing friction for long-underserved SMEs, entrepreneurs, and freelancers, enabling them to open a business account immediately, avoiding lengthy wait times, and empowering them to utilise the service almost instantly with both physical and virtual cards.

The bank’s officials said that their 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. They are happy to collaborate with Paymentology, as they share the vision to support small and medium-sized businesses, a vital economic segment in the UAE. This partnership will enable Wio Bank to offer a comprehensive range of payment card services to Wio Business customers and gain valuable insights to better serve their needs.

Wio Bank’s customers to benefit from Paymentology’s card services Through its platform, Paymentology facilitates a wide range of card services for Wio Business including Visa debit cards, Apple Pay, Google Pay, and card personalisation services. In addition, Paymentology delivers a real-time data feed that provides granular customer spending insights to help Wio continually improve its proposition. Rerpesentatives from the UK-based company stated that the UAE is at the forefront of innovation in digital financial services, and it is making strides toward becoming a cashless society in the not-too-distant future.

At Paymentology, they’re supporting fintechs achieve their ambitions in the region with increasingly localised, customer-centric, and data-driven propositions. Looking ahead, the issuer-processor company appreciates the opportunity to continue expanding in the Middle East with their clients, like Wio Bank PJSC, that are driving digital transformation and changing the way people bank and pay. .