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Paymentology And Wio Bank Hope To Transform UAE Banking

Paymentology’s card issuing and analytics will support Wio Bank’s next-generation services.

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2 years ago

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paymentology and wio bank hope to transform uae banking

Paymentology, the world’s first truly global in-cloud card issuing platform, has joined forces with Wio Bank, the UAE’s first platform bank, in a bid to empower local businesses and consumers with modern digital banking solutions.

Wio Bank, launched in September 2022, is focused exclusively on digital and embedded banking services and applications and provides startups, freelancers, and small businesses with seamless access to banking solutions. The company’s Wio Business offering provides a simplified, fully digital business account service with supplementary tools that aid business management.

Wio Bank’s new partner, Paymentology, completes the digital banking puzzle by facilitating a wide range of card services, including Visa debit cards, plus Apple and Google Pay. The cloud-based card issuer also enables Wio developers to view a real-time data feed, providing detailed customer spending insights to help the bank tailor its solutions to the exact needs of local businesses.

UAE businesses have historically relied on brick-and-mortar branches to open accounts and make transactions. With their newly announced partnership, Wio and Paymentology are promising “fast, simplified and fully digital financial services” for small-to-medium businesses in the region.

Also Read: UAE Digital Technology Spending To Hit $20 Billion By 2026

“The UAE is at the forefront of innovation in digital financial services, making huge strides toward becoming a cashless society in the not-too-distant future. We’re incredibly proud of the role we are playing in supporting fintechs achieve their ambitions in the region with increasingly localized, customer-centric, and data-driven propositions,” says Rowan Brewer, CEO at Paymentology.

The latest announcement from Paymentology and Wio Bank comes as the UAE’s financial services sector undergoes a rapid transformation. Consumer demand for digital products and services is on the rise, with research by Visa revealing that 52% of Emirates consumers plan to go cashless by 2024, compared to 41% globally.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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