Shams and Wio Bank Join Forces to Empower Entrepreneurs and SMEs in the UAE
Sharjah, 16tn Sep 2026:Sharjah Media City (Shams) has signed a Memorandum of Understanding (MoU) with Wio Bank, aimed at supporting entrepreneurs and startups, as well as small and medium-sized enterprises (SMEs) in the UAE, by providing integrated digital banking solutions that simplify the business journey and support sustainable growth.
The partnership reflects Shams’ ongoing efforts to develop an integrated ecosystem that supports the business community and provides innovative services and solutions that help entrepreneurs seamlessly move from establishing their businesses to managing operations and expanding their ventures.
Under the MoU, Shams and Wio Business will collaborate to facilitate access for the Shams community to a range of digital banking solutions designed to meet the needs of modern businesses. These include digital business account opening, payments and collections, invoicing, payroll management, expense management, multi-currency accounts, as well as financing solutions. Wio Business enables businesses to open an account digitally, with the ability to start operating within three business days, subject to the bank’s requirements and verification procedures.
Commenting on the partnership, Rashid Sahoo, Director of Operations at Sharjah Media City (Shams), said: “Our partnership with Wio Bank represents another important step in Shams’ efforts to develop an integrated experience for entrepreneurs that goes beyond business setup to provide the tools and solutions they need to manage and grow their ventures. Through our collaboration with Wio Business, we aim to simplify access to digital banking services and empower the Shams community to manage their financial needs with greater efficiency and flexibility, supporting the ambitions of startups and SMEs across the UAE.”
Prateek Vahie, Chief Commercial Officer at Wio Bank, said: “We're grateful for the trust Shams has placed in us to support its entrepreneurs. Our role is simple: make sure banking is one less thing founders have to worry about, from fast account opening to managing payments, payroll and invoicing as they grow.”
Wio Business offers a comprehensive range of digital banking services designed for businesses. The platform also enables multi-user access with role-based permissions, allowing businesses to delegate administrative responsibilities and manage their financial operations with greater flexibility.
The partnership builds on Shams’ approach to developing strategic partnerships that create tangible value for its community and provide entrepreneurs with an integrated ecosystem of services and opportunities to establish, develop and strengthen their businesses.
Through this collaboration, Shams reaffirms its commitment to developing a business environment that fosters innovation and growth, enhancing ease of doing business for startups and SMEs, and further strengthening Sharjah and the UAE’s position as a global destination for entrepreneurship and the creative economy.
