How Wio and Wafeq Are Building the Future of Banking for SMEs - Ankit Agrawal at WafeqNEXT Dubai 2025

The future of banking and accounting is here, and it’s fully digital. At a recent event hosted by Wafeq at The Edition Hotel in Downtown Dubai, Wio Bank took the stage to showcase its groundbreaking integration with Wafeq, offering businesses a seamless way to manage payments, reconciliation, and financial operations—all in one place.

Why WiO? The All-in-One Digital Banking Ecosystem

For those unfamiliar, Wio is a fully independent digital bank licensed by the Central Bank of the UAE, launched in September 2022 with backing from major shareholders like ADQ, Alpha Dhabi, EA, and First Abu Dhabi Bank. Despite FAB’s involvement, Wio operates independently, with a mission to modernize the UAE’s digital economy.

In just two and a half years, Wio has become a force in fintech, winning accolades like:

• Forbes’ #1 Fintech in the Middle East.
• Best Digital Bank in the Middle East (two years running)
• An industry-leading Net Promoter Score (NPS) of 75, higher than global brands like Apple and Emirates Airlines.

But what makes Wio stand out?

Filling the Gaps in Digital Banking

Most financial apps specialize in one area: payments, remittances, or wealth management. Wio identified a gap because no single platform combined all these services under one digital ecosystem.

Wio identified a critical gap in the market. Most financial apps specialize in one area, and no single platform combines payments, savings, accounting integrations, and salary management. Traditional business banking was slow; opening an account could take months.

Key Pain Points Wio Solves:

• Slow business account openings Traditional banks take weeks (or months), but Wio opens accounts in under two days, with a 15-minute application process.
• Fragmented financial tools Wio consolidates payments, savings, payroll, and investments in one app.
• Manual reconciliation Tedious matching of bank statements with invoices is automated through Wio’s Wafeq integration.

WiO’s Three Core Products

1. Wio Business (For SMEs)

A fully digital business banking app offering:

• Savings Spaces – Earn 4% interest on goal-based savings (e.g., rent, expansion funds).
• WPS Salary Processing – Free payroll management for employees.
• Virtual & Corporate Cards – Control employee spending with customizable limits.
• One-Card Concept – A one-card that toggles between debit and credit (with 60-day credit terms and 2% cashback).

2. Wio Personal (For Employees)

• 6% interest on salaried accounts (newly launched).
• Instant domestic/international transfers.

3. Wio Invest (Wealth Management)

Invest in U.S. stocks, UAE markets, ETFs, and Bitcoin—all in one app.

The Pain Point: Manual Payments & Reconciliation

Before this integration, Businesses had to log into multiple platforms to pay bills. Reconciliation meant manually matching bank statements with invoices, which takes 30+ minutes per payment, and errors and delays were common.

The Iron Man Analogy: How Wio + Wafeq shaped A Financial Superpower

The session highlight was Wio’s deep dive into its integration with Wafeq, which was designed to eliminate payment and reconciliation headaches.

Tony Stark is a genius, but it’s Jarvis—his AI system that turns him into Iron Man. Similarly, Wafeq (like Jarvis) supercharges businesses by automating the tedious work, so they can focus on growth.

How It Works:

1. Connect Wio to Wafeq – Link your Wio account in Wafeq’s banking section (or open one in 15 minutes).
2. Create Payment Requests – Pay invoices directly from Wafeq with one click. Click Pay Through Bank on any invoice.
3. Approve payments with optional multi-level approval flows. Transactions sync instantly, marked with a green "reconciled" tick.
4. OTP verification – Enter OTP on WiO’s secure banking page (No phishing risks).
5. Auto-Reconciliation – Payment is processed instantly and auto-reconciled in Wafeq.

Key Features:

• Real-Time Balances: View Wio account balances within Wafeq.
• Secure OTP Verification: Wio’s banking page handles authentication, preventing fraud.
• Bulk Approvals: Process multiple payments at once.

The Wio-Wafeq integration eliminates the "boring aspects" of banking and accounting:

• No more switching between apps to pay bills.
• No manual reconciliation, invoices, and payments sync automatically.
• More time to focus on growth, not admin work.

What’s Next? Upcoming WiO-Wafeq Features

1. In-App Bank Account Opening Soon, businesses can open a Wio account directly within Wafeq. No need to download Wio’s app separately. This will be a first-of-its-kind integration in the UAE.
2. Embedded Financing Plans to offer credit services within Wafeq, so businesses can access loans without switching platforms.
3. Enhanced Payment Tracking Real-time payment statuses (e.g., "Pending at Central Bank") are visible in Wafeq.

Audience Q&A: Key Takeaways

What if there’s an issue with a payment?

WiO provides 24/7 support via WhatsApp, live calls, and in-app tracking. Payments can be monitored in the VO app with full visibility (e.g., "Pending at beneficiary’s bank").

Does WiO offer payment gateways?

Yes, via partnerships with Stripe, Magnati, and Network International. Businesses can embed Stripe payment links in VO-generated invoices. WiO is also using its payment gateway in the future.

Can you schedule payments?

Not yet, but this highly requested feature is on the roadmap.