The UAE Central Bank has granted an in-principle approval to launch a new digital banking platform called Wio.
The digital bank is being launched by ADQ, an Abu Dhabi-based investment and holding company, in partnership with Etisalat Group and First Abu Dhabi Bank (FAB).
With its headquarters in Abu Dhabi, Wio will enhance the capital’s growing reputation as a global financial services center at the leading edge of digital banking.
Wio will be led by globally experienced FinTech experts, banking professionals and technology specialists, offering customers in the UAE a fully digital banking choice with tailored products and services to meet their lifestyles and needs.
The platform will soon launch a Beta version that will initially provide small and medium-sized businesses with an innovative, engaging customer-centric experience underpinned by security, transparency and convenience.
The total invested capital in Wio is AED 2.3 billion plus in-kind contribution. The digital banking platform’s primary shareholders ADQ and Alpha Dhabi, which own a combined stake of 65%. Additionally, Etisalat, one of the world’s leading telecom and tech conglomerates, holds 25%, and First Abu Dhabi Bank (FAB), one of the world’s largest and safest financial institutions, holds 10%.
Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ, said, “As part of our efforts to future-proof Abu Dhabi’s economy, we are committed to enhancing the financial services sector. By delivering secure, transparent and seamless access to a cutting-edge, customer-centric digital banking platform, Wio’s unique business model will further strengthen the UAE’s digital economy that is already supported by robust infrastructure and progressive regulations.”
Pronounced “wee-oh”, the name Wio describes the company’s active purpose of ‘opening new paths so you can go further’. Putting customers at the heart of everything it does, the ‘W’ is the shape of your path and your journey that Wio enables through digital, the “i” represents input and the “o” represents output.
