Why is a digital business bank account in the UAE so important?

Streamline your banking with a smart account that controls you! With Wio, you can access Digital Banking apps, Embedded Finance, and Banking-as-a-Service (BAAS) solutions to help you grow your business in Dubai.

The UAE’s banking system has undergone significant changes recently, making opening a business account increasingly challenging. Banking institutions are increasingly cautious about welcoming new customers due to the additional risks they pose. Because it is one of the world’s fastest-growing countries, the UAE is considered one of the top places for money laundering. It is no wonder that professionals with business bank accounts in the United Arab Emirates consider themselves “lucky”, given the complexity of such accounts.

The UAE is one of the fastest-growing economies in the world, and its banks are constantly at the forefront of technological innovation. With their innovative and versatile products and services, UAE banks always strive to meet customers’ financial requirements conveniently and quickly. In keeping with tradition, several banks in the UAE offer digital bank accounts that provide a quick and hassle-free application process and no minimum balance requirement or account maintenance fee. Furthermore, the account holder receives better returns than a regular savings account.

Ways to Save Money Using Digital Bank Accounts in UAE:

• Using a digital bank account will save you money regarding fines for not maintaining a minimum balance.
• The best feature of some Digital Bank Accounts is that you can transfer money to your home for free; this is a great way to save money for expats in the UAE.
• Your savings can earn interest.
• You can save money on dining out, movies, and shopping with digital bank accounts.
• Money management is easier with digital bank accounts because they allow you to track expenses better.
• It saves you money, time, and energy since you don’t have to go to the bank.

A new report indicates that the total value of transfers carried out in the country’s banking sector during the first nine months of 2022 increased to more than 9.2 trillion dirhams through the UAE Financial Transfers System (UAEFTS). Government bank deposits also increased significantly during this period, reaching 109 billion dirhams, the highest level ever. It has, within three quarters of a year, since 2018, according to data issued yesterday by the Central Bank. The study reveals that businesses and individuals increasingly seek accounts in the UAE.

In detail, at the end of September 2022, the total government deposits in banks amounted to 402.5 billion dirhams, compared to 293.6 billion dirhams at the end of December last year, an increase of 108.9 billion dirhams, equivalent to a growth of 37%.

“Grow from Dubai”, together with Wio bank, presents its newly formed companies and aspiring entrepreneurs a zero-balance IBAN and digital banking services. With Wio Business, startups, freelancers, and small and medium businesses (SMEs) can access banking services effortlessly. The platform is designed to help SMEs become more productive faster by providing easy-to-use banking tools. Wio offers solutions in three areas – digital banking apps, embedded finance and banking-as-a-service (BaaS) solutions.

Gartner predicts that 30 per cent of banks with greater than $1 billion in assets will launch BaaS for new revenue by the end of 2024, but only some will meet targeted revenue expectations. BaaS is one of four technologies that Gartner says have the potential for high levels of transformation in the banking sector and are likely to mature within the next couple of years.

Features of No Minimum Balance Digital Bank Accounts in UAE

In partnership with the ‘Grow from Dubai’, Wio Business will provide startups, freelancers, and small and medium enterprises access to banking services while empowering them with innovative, beyond-banking services.

The following are key features of digital bank accounts in the UAE.

• Quick, secure and convenient – Having a digital account saves you time and effort by eliminating the need to visit your bank physically. In addition, applicants can access their bank account before the account opening process is completed.
• Instant account activation – The digital bank account is activated upon completing the online registration process. Account holders can make transactions immediately after opening their accounts.
• No account maintenance charges – Banks do not charge maintenance fees for online bank accounts.
• Zero or low minimum balance requirement -Online bank accounts do not require individuals to maintain a minimum balance. Furthermore, there are no fall-below charges. This makes these accounts suitable for entrepreneurs and those with unstable incomes.
• Instant deposits and withdrawals – You can make deposits and withdrawals with ease. The owner of a digital bank account has instant access to the account and can withdraw and deposit funds via online or mobile banking.
• Quick and easy access to the funds – Account holders can easily access funds through online or mobile banking facilities.

Wio’s first digital banking application designed for SMEs, Wio Business, offers a wide range of uniquely tailored banking services that are built around each client’s needs, helping them automate their admin, be in control of their spending with unlimited virtual cards for their team, create various Saving Spaces for VAT, rent, etc., and focus on growing their business.

Know what you pay for

Wio Business is transparent and maintains things easy – no hidden fees.

The bank will also integrate customized financial services into the region’s digital economy by embedding financial services with leading digital players. The embedded finance market is estimated to grow hundreds of billions globally over the next decade. With Wio, customers can access banking services where they already engage instead of going to banks.

Wio Business opens new ways for you. You can expand and manage your finances with their assistance. With Wio Business, you have a great option at your fingertips.

Why Meydan Free Zone?

Meydan Free Zone is located in the heart of Dubai, burrowed amid skyscrapers that give structure to the visually-abundant skyline. With gorgeous views, luxurious hoteliers, and transport links to seaports and airports—Meydan Free Zone is a hub that excites up-and-coming start-up entrepreneurs with goals to accomplish.

Undoubtedly, every business requires a boost when it comes to achieving financial success, which is the centre point of all business decisions and future planning. Having tight security regarding your business’s financial health is crucial because it affects your operational risks, financial risks, marketing objectives and human resource planning. With Meydan’s attentive

assistance and availability of business licenses, obtaining the desired loan amount for the prospects of your entrepreneurial goals will be easier.