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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.

Published

2 years ago

March 29, 2023

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.

Related Topics:FinTech Paymentology United Arab Emirates

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“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

Published

19 hours ago

January 21, 2025

Nour Nasir

ai seal certification now required for dubai gov partnerships

Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.