Wio Bank PJSC, the UAE’s leading digital bank, has signed a Memorandum of Understanding (MoU) with the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), part of the Dubai Department of Economy and Tourism (DET), to support entrepreneurs and SMEs through SME in a Box.

Under the MoU, Wio Bank becomes one of 18 private-sector partners on the platform, offering the first 500 eligible DET-licensed businesses that are new to Wio Business six months of free banking, with no minimum balance required, along with 10 free local transfers each month and dedicated onboarding support, helping streamline access to business banking during the setup and early stages of operating in Dubai.

The collaboration forms part of SME in a Box, an initiative launched by DET to make it faster, simpler and more cost-efficient for entrepreneurs to start and operate businesses in Dubai. The platform provides a single entry point to essential business services, including licensing support, banking, digital payments, logistics, telecommunications and other operational services through a network of private-sector partners. The collaboration with Wio Bank expands the banking support available through the initiative, providing eligible businesses with access to digital banking services and dedicated onboarding support.

Through Wio Business, eligible new customers with businesses licensed by DET can open a fully digital business account in as little as three business days, with no paperwork or branch visits required. The offer also includes a free business credit card, subject to eligibility, with 60 days interest-free. Once onboarded, businesses can manage daily operations end-to-end on the Wio Business app, issuing invoices, tracking expenses and running payroll through WPS, alongside access to multi-currency accounts in USD, GBP, EUR, CAD, AUD and CHF for businesses trading internationally.

“This partnership puts Wio’s fully digital account opening and six months of free banking directly in the hands of DET-licensed founders at the exact moment they need it most. We’re grateful to DET for the opportunity to contribute to these businesses’ journey to success,” said Prateek Vahie, Chief Commercial Officer of Wio Bank.

Businesses licensed by DET that are new to Wio Business are eligible for the offer. Participating businesses may also be considered for features on Wio’s Instagram, LinkedIn, and newsletter channels, reaching Wio’s community of over 130,000 UAE businesses.

SME in a Box will roll out in phases, beginning with core services such as licensing, banking, payments, telecommunications, logistics and marketing, before integrating with the Invest in Dubai platform and Dubai Founders HQ to create a single digital entry point for business setup and growth, in line with the Dubai Economic Agenda, D33, which aims to double the size of Dubai’s economy by 2033 and further consolidate its position as a leading global destination for business and leisure.

Entrepreneurs, startups and Dubai SME members can explore SME in a Box and activate the Wio Business offer via wio.io/det-sme.