Wio Bank has officially launched as the first “platform bank” in the UAE, introducing apps, embedded finance, and BaaS (Banking as a Service) offerings to the region.
This launch aligns with the UAE’s Digital Economy Strategy, which aims to increase the digital economy’s contribution to the country’s GDP significantly over the next decade. Wio received approval from the Central Bank of UAE earlier this year and is co-owned by Abu Dhabi Holding Company, Alpha Dhabi, Etisalat, and First Abu Dhabi Bank (FAB), with an initial capital of $630 million.
Wio plans to unveil a variety of digital banking applications for both individual and business customers, providing essential services, insights, and tools for effective management of personal and business affairs. Additionally, the bank will collaborate with regional digital firms to integrate customized financial services.
Furthermore, Wio will partner with digital businesses to offer its ready-made and modular BaaS solutions, enabling them to provide banking products and services to their customers.
Jayesh Patel, CEO of Wio Bank, stated, “We believe the next evolution of banking is a shift from traditional online banking and pure-play digital banks to the concept of platform banking, and we are excited to launch Wio as the first platform bank in the region.”