Wio Bank PJSC is introducing a new embedded finance service designed especially for the UAE’s small and medium-sized enterprises (SMEs). This initiative includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl and Wafeq, aiming to embed banking services into daily business operations and simplify financial management.

Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries. This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities.

Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: “By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs.”

With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks.

A New Era of Financial Management

Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. This integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statement. Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor and errors, and enhancing cost efficiency and operational gains.

Wio Bank was established to redefine banking in the UAE for both businesses and consumers. Its second digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage, and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and exciting rewards.

The Institute of Banking Studies Kuwait (KIBS) and The London Institute of Banking & Finance (LIBF) are proud to announce the successful completion of the Risk Management Leaders Programme held in London. This groundbreaking initiative marks a significant milestone in enhancing the capabilities of banking and financial professionals, in line with Kuwait Vision 2035.

The programme, designed to provide comprehensive training on the multifaceted risk environment, included an interactive series of sessions focusing on post-pandemic risks, cyber and digital threats, geopolitical challenges, ESG, and climate-related risks. Over a two-week period, participants engaged in trainer-led workshops, role play, case studies, guest speaker sessions, and site visits, including notable visits to Moody’s and Starling Bank.

Eng. Rana AlNibarai, Director General at the Institute of Banking Studies Kuwait, commented, “This programme represents a pivotal step towards realising Kuwait Vision 2035 by investing in our human capital and fostering a culture of excellence in risk management. Our collaboration with LIBF has empowered our professionals with the knowledge and skills necessary to navigate the complexities of the modern financial landscape.”

Ehsan Razavizadeh, Managing Director of MENA and Asia at LIBF, added, “We are delighted to partner with IBS Kuwait in delivering this essential training programme. By equipping participants with practical skills and insights, we are helping to cultivate a new generation of agile leaders who can drive innovation and maintain stability in the banking and financial sectors.”

A highlight of the programme was the visit to Moody’s, to learn more about how they enable individuals and organisations to decode complexity and unlock opportunities through their extensive data capabilities, tools and technologies which span credit ratings research and insights, information services and decision solutions. 

The programme also featured a visit to Starling Bank, where participants delved into the Starling story, gaining an overview of Engine, the technology underpinning Starling’s operations. They also witnessed demonstrations of key processes such as onboarding and explored how Starling manages risk through these processes.

Kuwait Vision 2035 places a strong emphasis on improving education institutions as part of its commitment to human capital development. By raising educational standards and fostering creativity and research, Kuwait aims to nurture a highly skilled workforce capable of driving national progress. The Risk Management Leaders Programme aligns perfectly with this vision, ensuring that Kuwaiti professionals are well-prepared to tackle future challenges and opportunities in the financial sector.

Risk management has become increasingly critical in recent years, particularly in the aftermath of the Covid-19 pandemic. The Risk Management Leaders Programme equips participants with the practical skills needed to evaluate and enhance risk management approaches, thereby fostering a more intuitive and perceptive leadership style.

Bajaj Allianz Life commemorates its first anniversary of its representative office in Dubai, UAE. With a customer-first approach and a goal to deliver best-in-class services to Dubai’s Non-Resident Indian (NRI) population, Bajaj Allianz Life established its first representative office in Dubai in June 2023. This one-year milestone is significant for the Company as it reaffirms its strong commitment towards UAE as a priority geography.

Bajaj Allianz Life’s stellar reputation as a private life insurer has been built on the back of a strong presence in India. The establishment of its representative office in Dubai has significantly strengthened the Company’s footprint in the GCC region over the last year. The move has enabled Bajaj Allianz Life to provide enhanced service and support to a growing customer base that is interested in investing in long-term financial products like life insurance from India. The Company’s Dubai office has become pivotal for NRIs and has been instrumental in their servicing related needs for their life insurance bought in India.

“Our presence in the UAE has been a remarkable journey,” Rajesh Krishnan, Chief Operations & Customer Experience Officer at Bajaj Allianz Life, said. “We understand that our NRI customers have specific requirements and we have been consistently working to provide them with the right products and a differentiated service architecture. Such focused initiatives, especially over the last few years, have led to encouraging growth in our NRI customer base. This success drives us to continuously improve our offerings and deliver customer delight consistently across all our service touchpoints. We are proud to be a trusted Life Goals enabler for NRIs in the UAE and across the GCC region.”

Bajaj Allianz Life has brought several noteworthy features and services to its NRI customers, including an expanded medical test network across several countries.  This global network enables NRIs to get their pre-policy health check-ups at one of Bajaj Allianz Life’s approved medical test facilities across the globe or even from the comfort of their homes.

Bajaj Allianz Life’s several innovations and digital transformation have provided customers with user-friendly platforms for policy management, claims processing, and customer support. The Company has also simplified its claims processes through digital claims submissions, ensuring quick and efficient claims settlement. Other services that have contributed to growth in the region are the inclusion of auto-payments of policy premiums through credit cards issued by international banks, a dedicated NRI desk, digitized on-boarding processes, and customer support via video calls, self-service through WhatsApp, live chat, and a responsive call centre that caters to different time zones.

“Our first year in the UAE has been a testament of our commitment to customer experience and innovation,” Rajesh said. “The positive response from our NRI customers motivates us to continue enhancing our services and product offerings. Our Dubai office has allowed us to provide seamless policy assistance and support to our customers. We look forward to building on this success and are encouraged to further strengthen our presence in the GCC region.”

As one of the leading life insurance partner for NRIs, Bajaj Allianz Life continues to emphasize the value of opting for Indian life insurance, leveraging cutting-edge technologies, and tailored services for the Indian diaspora in Gulf countries. The company continues to enhance its offerings, ensuring that NRIs receive unparalleled support and comprehensive coverage which can enable them to achieve their life goals.