New challenger Wio Bank launches in the UAE

Wio Bank, which describes itself as “the region’s first platform bank”, has officially launched operations in the UAE, with its HQ in Abu Dhabi.

The digital bank aims to provide financial solutions via digital banking apps, embedded finance and as Banking-as-a-Service (BaaS).

Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, Etisalat and First Abu Dhabi Bank (FAB) with an initial capital of AED 2.3 billion ($630 million).

Wio aims to partner up with other fintech start-ups to offer customers a “fully digital banking experience” through its mobile app.

“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,” says Jayesh Patel, CEO of Wio Bank.

Its first product, Wio Business, is a dedicated app for SMEs, entrepreneurs and freelancers, offering business banking solutions such as digital account opening, expense management, virtual cards, foreign exchange, payments and savings.

The digital bank received approval from the Central Bank of UAE earlier this year, and appointed Patel as CEO and Salem Al Nuaimi as chair of its board in May.