Under the agreement, start-ups from Flat6Labs Ignite, a specialized seed program run by Flat6Labs in partnership with DisruptAD, will have the opportunity to take advantage of Wio’s innovative banking products and services under Wio Business, the bank’s first digital banking application, which is designed to provide a seamless and innovative experience tailored to the specific needs of start-ups and SMEs.

“There is potentially no other factor that more heavily decides the fate of a start-up than its ability to manage its finances effectively. These organizations need banking partners with a start-up ethos — centred around agility, flexibility, and innovation. Our long-standing expertise in empowering start-ups to establish themselves in the UAE and raise the funding they need to fuel their ambitions aligns perfectly with Wio Bank’s vision of not only providing world-class banking services but serving as a holistic banking management platform for the modern SME.” said Ryaan Sharif, General Manager at Flat6Labs UAE

Under its flagship seed program, Ignite, Flat6Labs is set to support up to 60 start-ups in Abu Dhabi by 2024, with 27 disruptive organizations already having successfully invested in the 3 cycles that have already concluded. By partnering with Wio Bank, Flat6Labs has ensured that start-ups selected for this program will now enjoy Wio Business’ prioritized processing of account opening applications, as well as around-the-clock access to dedicated support services.

“This is especially beneficial to the start-ups we attract from international markets as it enables them to seamlessly transition into establishing their headquarters in Abu Dhabi without any disruption to financial operations,” said Sharif.

Wio Bank has invested in establishing a team of high-qualified technology experts with a broad range of skills related to digital transformation and financial innovation. Under the agreement, Wio Bank will make these professionals available as subject-matter experts and mentors to Ignite program start-ups, thereby further strengthening the value proposition of the program.

Prateek Vahie, Chief Commercial Officer of Wio Bank said, “Being a disruptor in the financial sector, we believe we have a critical role to play in supporting the start-up ecosystem and fostering entrepreneurship in the UAE. We are committed to ensuring that our SME customers find the most viable options for the support they need, be it through funding via traditional credits or loans, peer-to-peer lending, angel investments, or incubators. As we develop our offerings tailored to the SME sector, we will benefit from the insights and expertise of other major players in the ecosystem, such as Flat6Labs.”

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The MoU was signed in Abu Dhabi by Yahia Alhami, CEO of Tahaluf Al Emarat, and Khaled Al Melhi, CEO of CPX.

The partnership aims to provide secure, reliable IT solutions and advisory services to enterprises and government entities so they can focus their resources on value generation, while knowing their data is protected. Both parties will tender and conclude project contracts and provide safe and scalable solutions that leverage leading technologies.

As the UAE is fast becoming a digital economy, with governments and businesses racing to maintain their competitive advantage by adopting new technologies, new cybersecurity risks are on the horizon, and organizations are being exposed to more sophisticated cyber threats.

Advanced cyber solutions are necessary for organizations that wish to combat these threats effectively and reap the benefits of new technologies, while being assured that their business is secure.

During the signing ceremony, Yahia Alhami, CEO of Tahaluf Al Emarat, said, “The signing of an MoU with CPX will encourage a beneficial relationship in the best interest of both companies by exchanging knowledge and experiences through mutual collaboration. This MoU will help us identify new opportunities to cooperate and share best practices.”

Khaled Al Melhi, CEO of CPX, said, “As a newly established company, it is crucial to partner with a prominent local player as we both strive to deliver excellence to our customers. As the trusted cybersecurity partner to our customers, our ambition is to help them reach a new level of cyber maturity by implementing customized solutions and services for both the public and private sectors. We aim to limit exposure of UAE organizations to cyberthreats, so that they can increase their opportunities to innovate and thrive.”

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The implementation of open-loop EMV technology would make the passenger experience seamless and reduce travel time by eliminating the need to stand in line to purchase tickets or top up their ticket. Visa will also work with Transport Authority – Government of Ajman to enhance the existing experience on the Masaar card by leveraging Visa technology to enable acceptance of Masaar cards at non-transit merchants.

Dr. Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for GCC, said, “Visa is delighted to work with the Transport Authority – Government of Ajman to drive the adoption of digital payments in transport, especially as we see the entire UAE moving towards a cashless economy. As social distancing and low-touch payments become the new norm, Visa’s open-loop transit model has seen great results around the world.”

Ms. Rasha Al Shamsi, Transport Authority – Government of Ajman Acting Director General, said, “We aim to introduce the smart and safe payment solution to the users of the public transport and enhance the digital economy by encouraging the public to use the modern payment methods, believing in the continuous development of services and adding value to our customers, we will work with Visa to extend the benefits of current ATAs Masaar Transit Card.”

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The two organizations will work together on the launch of new projects within the Huawei ICT Academy Program that involves building a talent supply chain covering the entire process of learning, certification, and talent promotion. Through such projects, SDA and Huawei aim to support 8,000 Saudi trainees through the Huawei ICT Certification Program.

The latest memorandum outlines the plans for Huawei to train and certify 100 Saudi trainers from SDA through its Huawei Train the Trainer (TTT) program, focusing on areas such as AI, cloud, security, data center, and 5G.

Mohamad Alsuhaim, CEO of Saudi Digital Academy, said, “this memorandum with Huawei will open up new opportunities for Saudi digital talent to both develop cutting-edge skills and to be leaders of the future digital economy.”

“Local talent is constantly required to drive digital transformation on a national level. Through partnerships like this with the Saudi Digital Academy, we can create an even stronger digital ecosystem that serves both recent graduates and ICT professionals, contributing towards the progress of Saudi Arabia’s Vision 2030 which places a strong emphasis on the potential of the ICT sector,” said Eric Yang, CEO of Huawei Tech Investment Saudi Arabia.

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