Dubai World Trade Centre (DWTC) Free Zone has signed a Memorandum of Understanding (MoU) with Wio Bank PJSC to provide digital banking and financial services to companies operating within its jurisdiction.
The agreement is intended to give businesses that are registered or seeking registration within the DWTC Free Zone access to Wio Bank’s banking services as part of the services available to licensees.
Wio Bank to provide digital banking services to DWTC Free Zone licensees
Under the terms of the MoU, Wio Bank will offer account opening pathways, handling of onboarding requests on a priority basis, and relationship support for clients that are eligible. The bank’s services will be available to businesses during the company formation and onboarding process.
The collaboration will also allow Wio Bank to engage with the DWTC Free Zone business community through events and co-branded initiatives to raise awareness of its banking services.
“Enhancing the ease of doing business remains a priority for DWTC Free Zone. Through this partnership with Wio Bank, we are expanding the ecosystem of services available to companies within our Free Zone, enabling them to establish and scale more efficiently while reinforcing Dubai’s position as a global hub for entrepreneurship and investment,” Abdalla Al Banna, VP of Free Zone Regulatory Operations at DWTC Free Zone said in a statement.
“Partnering with DWTC Free Zone allows us to support businesses at the moment they need it most. By offering faster onboarding, dedicated relationship support and intuitive digital banking tools, we aim to give DWTC Free Zone companies the confidence and clarity to manage their finances from day one. This collaboration strengthens our role in enabling the UAE’s business community to operate with greater efficiency as they grow,” Prateek Vahie, Chief Commercial Officer at Wio Bank PJSC added.
As part of the collaboration, Wio Bank will assess opportunities to introduce a co-branded DWTC Free Zone corporate card, with benefits and rewards for businesses operating within the free zone.
The partnership comes as DWTC Free Zone continues to develop its regulatory and commercial environment. The free zone recently introduced a Multiple Share Class Framework, which enables companies within its jurisdiction to issue a range of share classes suited to their investment and strategy requirements.
The framework provides options in capital structuring and governance, allowing businesses to attract investors, protect founders’ long-term interests, and scale.
Together with the Wio Bank collaboration, the framework is part of the DWTC Free Zone’s efforts to adapt to market conditions and deliver services that enable companies to establish, grow, and operate in Dubai.
