Home News Wio, The UAE’s First Platform Bank, Officially Launches

Wio, The UAE’s First Platform Bank, Officially Launches

by Dubai Forum
0 comment

Wio Bank, a digital banking platform regulated by the Central Bank of the UAE, has officially launched with a focus on serving up ‘state-of-the-art digital banking apps for customers’ and embedding financial services in digital businesses.

Jointly owned by Abu Dhabi Development Company (ADQ), Alpha Dhabi Holding, Etisalat and First Abu Dhabi Bank (FAB), Wio is built around three main capabilities: digital banking apps, embedded finance and banking-as-service (BaaS) solutions.

The first platform bank in the region is in line with UAE’s Digital Economy Strategy that aims to double the contribution of the digital economy to the country’s GDP over the next decade and to enhance the position of the UAE as a hub for digital economy in the region and globally.

Digital banking apps

Wio will launch a range of digital banking apps for individual and business customers. These will offer easy and quick access to banking services, insights and tools to manage their personal and business lives efficiently.

Embedded finance

Wio plans on taking banking where customers already engage and reduce the need for customers to go to bank channels to access banking services. Wio will play an active role to embed customised financial services with leading digital players in the region, thereby enhancing the digital economy.

Banking-as-a-service solutions 

Wio will partner with digital businesses to offer its ready-made and modular BaaS solutions to enable them to provide banking products and services to their customers.

His Excellency Salem Al Nuaimi, chairman of the board at Wio Bank, said: “Wio Bank heralds the arrival of next generation banking in the region that will enable customers to access banking services effortlessly while also allowing them to do more in their business and personal lives.”

While, Jayesh Patel, CEO, Wio Bank added:  “We believe the next evolution of banking is a shift from traditional online banking and pure play digital banks to that of platform banking and we are excited to launch Wio as the first platform bank in the region.

“Wio will focus on introducing state-of-the-art digital banking apps for customers and embedding financial services in digital businesses that are frequented by consumers. We will also provide a top-quality banking-as-a-Service platform to fintechs and non-financial businesses to accelerate creation of innovative end-to-end customer solutions.”

Business focus

Wio Bank has also launched its first digital banking application. Wio Business provides startups, freelancers, and small & medium enterprises (SMEs) access to banking services seamlessly while empowering them with innovative beyond-banking services. The offering was developed in collaboration with customers and built to get SMEs up and running quickly by providing easy and simple banking tools to manage their business better.

The Wio Business app will enable the UAE’s start-up and SME communities, who are vital to the economic growth of the nation, to access banking and business support services in a fast, convenient and fully digital manner, according to Patel.

DF

You may also like

Leave a Comment

About Us

Dubai Forum your daily news roundup covering news from Dubai, the United Arab Emirates and the Middle East region in general.

We share news about #people, #travel, #fashion, #startups and #Dubai #communities #DubaiForum

Newsletter