United Arab Emirates-based Wio Bank and the Abu Dhabi Businesswomen Council have signed a memorandum of understanding (MOU) to offer banking solutions to female entrepreneurs, according to a press release posted on Zawya.

Under the alliance, female entrepreneurs and business owners will be offered a range of benefits to help them manage their businesses.

In addition to having improved access to Wio Bank’s business banking service Wio Business, women business owners and entrepreneurs will get access to financial management training, expert presentations, webinars, and focus groups that are co-led by signatories of the MoU.

Wio Bank chief operating and experience officer Jamal Al Awadhi said: “In Wio Business, we have created a banking solution that enables SMEs to reach their goals and ambitions. Managing finances can be tedious, especially when you are running a business. Wio Business simplifies this through intelligent, integrated solutions empowering business owners to focus on making their business dreams, a reality.”

To promote the expansion of the private sector in Abu Dhabi, the two organisations will also look into new areas of cooperation.

The Abu Dhabi Businesswomen Council chairwoman Asma Al Fahim said: “We are delighted to partner with Wio Bank, which plays a key role in supporting businesses to reach a new level by providing integrated banking services.

“Our agreement with Wio Bank comes as part of the Council’s efforts to support women in their entrepreneurial journey, provide them with the required training, exchange knowledge and expertise, and increase their opportunities in the market, to drive their contribution to the economic growth of the Emirate of Abu Dhabi.”

Last September, Wio Bank officially debuted three offerings – embedded finance, banking-as-a-service (BaaS) solution and digital banking apps.

Last month, First Abu Dhabi Bank and Wio Bank joined forces to offer cash and cheque deposit services.