ADGM teams up with three UAE banks to support businesses in Abu Dhabi

Abu Dhabi Islamic Bank, RAKBank and Wio Bank will use FinTech to boost small and medium enterprises in the emirate

Nasser Al Awadhi, left, of Abu Dhabi Islamic Bank, with Dhaher Al Mheiri of Abu Dhabi Global Market. The partnership between ADGM and the bank will focus on addressing the needs of key financial organShow more

Abu Dhabi Global Market, the UAE capital's financial hub, has signed agreements with Abu Dhabi Islamic Bank (ADIB), National Bank of Ras Al Khaimah (RAKBank) and Wio Bank to launch programmes to support small and medium enterprises by using financial technology.

The partnership with ADIB and Rakbank will focus on addressing the needs of key financial organisations in Abu Dhabi by providing preferential banking services to businesses registered and licensed with ADGM, state news agency Wam reported on Friday.

With Wio Bank, the Abu Dhabi-based digital banking platform launched this year, ADGM signed a preliminary agreement to provide businesses with easier access to opening accounts, the report said.

The agreements were signed during the inaugural Abu Dhabi Finance Week.

"We are looking forward to witnessing the impact of these partnerships on long-term growth of SMEs in the UAE and beyond," said Dhaher Al Mheiri, chief executive of the registration authority at ADGM.

“We are delighted to partner with these leading financial institutions in the region to collaborate on mutually beneficial initiatives and empower ADGM’s community with dedicated banking services."

Using FinTech makes it easier to help finance-seeking SMEs connect with potential investors, which in turn supports economic growth and solidifies the local entrepreneurial industry.

SMEs are considered the backbone of any economy and have played a critical role in the UAE's private sector, making up a significant portion of businesses.

They are also key in the Emirates' goal of becoming the top nation globally for entrepreneurship.

The latest government data shows SMEs represent more than 94 per cent of all companies operating in the country, with 73 per cent in the wholesale and retail sector.

The financial solutions and expertise that will be provided to SMEs will "help them achieve their full potential", said Nasser Al Awadhi, group chief executive of ADIB.