Sharjah Media City (Shams) has signed a memorandum of understanding with Wio Bank to provide entrepreneurs, startups and small and medium-sized enterprises (SMEs) in the UAE with access to digital banking services.
The agreement will give businesses in the Shams community access to services covering account opening, payments, collections, invoicing, payroll, expense management, multi-currency accounts and financing.
Digital banking services
Under the agreement, Shams and Wio Business, the bank's business banking platform, will work together to make digital banking services available to businesses operating within the Shams community.
The platform also provides multi-user access and role-based permissions, allowing businesses to assign financial and administrative responsibilities among employees.
The agreement comes as startups and SMEs increasingly use digital platforms to manage routine financial functions, including payments, payroll and invoicing.
Focus on business operations
Rashid Sahoo, Director of Operations at Sharjah Media City (Shams), said the partnership would extend Shams' support for entrepreneurs beyond the initial business setup stage.
"Our partnership with Wio Bank marks another important step in Shams' efforts to deliver an integrated experience for entrepreneurs, extending beyond business set-up to provide the tools and solutions they need to manage and grow their ventures," Sahoo said.
"Through our collaboration with Wio Business, we aim to simplify access to digital banking services and empower the Shams community to manage their financial needs more efficiently and flexibly, supporting the ambitions of startups and SMEs across the UAE," he added.
Prateek Vahie, chief commercial officer at Wio Bank, said the bank's focus would be on reducing the administrative burden associated with business banking.
"We're grateful for the trust Shams has placed in us to support its entrepreneurs. Our role is simple: ensure banking is one less thing founders have to worry about, from fast account opening to managing payments, payroll and invoicing as they grow," Vahie said.
Partnership expands Shams business support
The MoU adds banking services to the range of support available to businesses within the Shams community.
Shams has previously pursued partnerships aimed at providing businesses with services related to establishing and operating companies. The latest agreement links those services with digital banking tools that businesses can use for day-to-day financial management.
The partnership comes as Sharjah continues to develop its startup and creative-industry ecosystem, with SMEs and entrepreneurs forming a significant part of the UAE's broader private-sector economy.
Source: Gulf Business
