The Central Bank of the United Arab Emirates has given the green light to a new digital banking platform known as “Wio” and backed by state holding company ADQ.
The bank will soon launch a beta version, initially targeted to small and medium-sized businesses (SMBs).
The total invested capital in Wio is 2.3 billion dirhams ($626.26 million) plus in-kind contribution.
ADQ and investment holding company Alpha Dhabi will own a combined 65 percent stake in the bank called "Wio".
Other shareholders are UAE's telecoms operator Etilasat, which will own 25 percent, and First Abu Dhabi Bank (FAB.AD), with a 10 percent stake.
“As part of our efforts to future-proof Abu Dhabi’s economy, we are committed to enhancing the financial services sector,” Mohamed Al Suwaidi, chief executive of ADQ, said.
“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," Suwaidi added.
“Our 850 million dirhams investment in Wio is part of the strategy we announced last December to invest in promising sectors within and outside the UAE,” Hamad Al Ameri, managing director, and chief executive of Alpha Dhabi, said.
“Building on our FinTech portfolio, the Wio partnership is part of our strategy to meet growing consumer demands with 360-degree products and services that enhance their daily digital lives,” according to Khalifa Al Shamsi, chief executive of Etisalat Consumer Digital.
Hana Al Rostamani, Group CEO, First Abu Dhabi Bank (FAB), added that the launch of Wio will bring “a new and innovative approach to banking”.
