Dubai, UAE – The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the Ministry of Finance to support innovation in the UAE, has signed a Memorandum of Understanding (MoU) with Wio Bank PJSC, the region’s first platform bank, to provide MBRIF members with exclusive benefits through Wio Bank’s tailored digital banking solutions.

As part of the collaboration, MBRIF members will benefit from a comprehensive Business Bundle. This includes streamlined onboarding, a six-month free subscription to Wio Business, and quarterly networking sessions to explore innovative banking solutions. Wio Business, the bank’s flagship digital banking application, offers features tailored to businesses of all sizes, enabling them to manage their finances more efficiently. The suite of lending solutions available to MBRIF members will provide the financial support they need to establish themselves in the market and scale up. This suite comprises supply chain finance solutions; channel finance and receivables financing solutions; a revolving overdraft facility with flexible drawdown options; and a unique credit card tailored towards SMEs with several value-adding features.

Members will also be able to access a workshop focusing on banking solutions for start-ups and SMEs.

Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for Support Services Sector, Chief Innovation Officer at the UAE Ministry of Finance, and the Ministry's representative at the MBRIF, said: “This MoU with Wio Bank underlines with MBRIFs commitment to innovation and digital transformation. Empowering our members to succeed and achieve their growth ambitions is one of our key priorities, and such collaborations provide practical solutions to help them scale their enterprises efficiently and seamlessly. This aligns with MBRIF’s vision to support the UAE’s accelerating innovation ecosystem, enabling innovators to excel and achieve their growth potential both in the country and internationally, through tailored services and connections that meet their needs.”

The MoU was signed at an official ceremony, with Shaker Zainal, Chief Business Officer at Emirates Development Bank and Head of MBRIF, and Prateek Vahie, Chief Commercial Officer at Wio Bank PJSC, as the signatories.

Prateek Vahie, Chief Commercial Officer at Wio Bank PJSC, said: “This partnership reflects Wio Bank’s mission to empower SMEs and start-ups with next-generation banking solutions that drive growth and innovation. By partnering with MBRIF, we’re bringing financial tools and resources to a community that is shaping the UAE’s future economy. Our goal is to simplify and support the entrepreneurial journey, enabling innovators to focus on building impactful ventures while contributing to the UAE’s thriving entrepreneurial ecosystem.

For more information about the Mohammed Bin Rashid Innovation Fund, please visit https://mbrif.ae.

About the MBRIF:

The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance and is operated by Emirates Development Bank. Since its launch in 2016, the MBRIF has supported innovators through its first program, the Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee and without taking equity.

The MBRIF’s second program, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, the initiative aims to enhance growth potential of innovative businesses shaping the future of UAE’s economy. The MBRIF Accelerator offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale.

Additionally, the MBRIF partners with the public and private sector to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE. For more information, please visit: https://www.mbrif.ae/

For press enquiries, please contact:
Tameem Alkintar
Weber Shandwick
Email: TAlkintar@webershandwick.com

About Wio Bank: 

Founded in Abu Dhabi, UAE, in September 2022, Wio Bank PJSC is the region’s first platform bank bringing together the capabilities of Digital Banking Applications, Embedded Finance, and Banking-as-a-Service. Wio is an integrated digital banking platform jointly owned by Abu Dhabi Developmental Holding Company (ADQ), Alpha Dhabi Holding, e&, and First Abu Dhabi Bank (FAB) – with an initial capital outlay of AED 2.3 billion. The bank is licensed and regulated by the Central Bank of the UAE. 

Wio Bank PJSC and its products have been launched both locally and regionally, and recent recognitions include being named as “MENA Digital Bank of the Year”, “Best Neobank – UAE”, “Best Digital Bank Newcomer” and the “Most Innovative Mobile Banking App – UAE”.  Recently, Wio Bank has also topped the 2024 Forbes Middle East Fintech 50 list, further solidifying its reputation as a leader in the digital banking space.

For more information, visit www.wio.io