Fintech, or financial technology, has been rapidly growing in the United Arab Emirates (UAE) in recent years. Two notable players in the UAE fintech space are WIO and Al Mariah Community Bank.
WIO is a digital bank that operates entirely through its mobile app and online platform. It offers a range of digital banking services, including account opening, payments, transfers, and investment options. WIO aims to provide a seamless and convenient banking experience for tech-savvy individuals in the UAE. With its advanced technology and user-friendly interface, WIO is well-positioned to cater to the growing demand for digital banking services in the UAE.
On the other hand, Al Mariah Community Bank is a traditional bank that operates with physical branches in the UAE. It provides a wide range of banking services, including savings accounts, loans, credit cards, and personalized financial solutions. Al Mariah Community Bank aims to serve the local community and build long-term relationships with its customers. It focuses on providing personalized customer service and maintaining a strong presence in the local market.
Both WIO and Al Mariah Community Bank offer unique advantages to customers in the UAE. WIO provides a modern and convenient banking experience through its digital platform, while Al Mariah Community Bank offers a more traditional banking approach with in-person services. The choice between the two would depend on individual preferences, such as the level of digital adoption, convenience, and the need for personalized banking services.
WIO Bank vs Al Maryah Community Bank
| History: | WIO, a digital bank in the United Arab Emirates, has quickly emerged as one of the top players in the industry. It is a relatively young bank that has gained recognition with the support of state funds and FAB Bank. WIO distinguishes itself as a “platform bank,” focusing on three key areas: digital banking applications, embedded financial services, and banking-as-a-service, which involves offering banking services through third-party distributors. Importantly, WIO operates under the license of the Central Bank of the UAE. | Al Maryah Community Bank, established in 2021, has swiftly emerged as a pioneer in the banking sector. With a strong focus on digital advancements, the bank strives to offer its customers convenient and easily accessible banking services. While traditional physical branches have their advantages, Al Maryah Community Bank has chosen a different path by leveraging technology. Al Maryah Community Bank operates under the license of the Central Bank of the UAE. |
| Account Types: | Personal and corporate banking accounts in AED, USD, GBP, and EUR, with other currencies available upon request. | Currencies – AED
Only process a funds transfer within the UAE using the IBAN |
| Account Opening Cost (Bank Tariff): | Free for all types of accounts.
The bank sets a minimum balance for personal accounts at 3000 AED for the Standard Plan and 35000 AED for the Plus Plan, while there is no balance requirement for corporate clients. |
Dont have a minimum balance requirment, no initial deposit is required to open an account. |
| Account Management: | Only mobile and online banking, as WIO does not have physical branches. | 2 Branches in Abu Dhabi and 1 in Dubai located in Emirates Mall. |
| Maintenance Fees: | WIO does not charge account maintenance fees for individuals if the minimum balance is maintained. Corporate clients must pay a monthly maintenance fee of 99 AED (Essential plan) or 250 AED (Grow plan). | MBank has three type of accounts: Gold – free of charges, Platinum – Free if Min. Salary of AED 20K or Avg. Balance of AED 10K or spending of AED 5k per month (Monthly fee of AED 105 if above criteria is not met
Diamond – Free if Min. Salary of AED 50K or Avg. Balance of AED 30K or spending of AED 10k per month (Monthly fee of AED 210 if above criteria is not met |
| Staff: | English-speaking / Arabic-speaking | English-speaking / Arabic-speaking |
| Credit/Debit Cards: | WIO issues Visa debit cards and virtual cards for free.
Cash withdrawal at ATM: • FAB ATMs in the UAE: free; • Other ATMs in the Emirates: 2.1 AED; • In GCC countries: 6.3 AED; • In other foreign countries: 21 AED. The commission for processing international transactions is 2%. This includes any transactions in AED and other currencies outside the UAE, including foreign online stores. It is applied in addition to the standard processing fee charged by payment systems. |
Upon successful completion of the account opening process and verification, you will automatically receive a virtual Debit Card. You can find the card details in the “Cards” section of the Mbank App. This virtual card can be instantly activated for online purchases and linked to E-wallets like Apple, Samsung, or Google Pay. Simultaneously, you have the option to request a physical Debit Card through the app for ATM cash withdrawals and in-store purchases. Additionally, you can set daily and monthly usage limits for the Debit Card, temporarily block the card if needed, and monitor all transactions through the Mbank UAE app. |
| Documents for Account Opening: | To open a Business Account, you will need the following documents:
• Valid Trade Licence • Memorandum of Association (MOA) and amendments, if applicable • Certificate of Incorporation • Board Resolution • Shareholders’ Emirates IDs and Passport Copies • Proof of Address • Bank Statements, etc. The bank may also require any other documents it deems necessary for carrying out KYC/AML procedures. |
To open a Business Account, you will need the following documents:
• Valid Trade Licence • Memorandum of Association (MOA) and amendments, if applicable • Certificate of Incorporation • Board Resolution • Shareholders’ Emirates IDs and Passport Copies • Proof of Address • Bank Statements, etc. |
| Account Opening Procedure: | WIO offers the possibility of remote account opening using a digital user verification system. | MBank offers the possibility of remote account opening using a digital user verification system. |
| Account Opening Duration: | From 1 week depending on the bank’s compliance, readiness of all necessary documents, and any additional requests from the bank. We are ready to assist in opening a bank account at WIO, accompanying the process at every stage. | Same day |
