ABU DHABI: ADQ, an Abu Dhabi-based investment and holding company, has announced the Central Bank of the UAE has granted an in-principle approval to launch a new digital banking platform, which will be called Wio.
Wio will have its headquarters in Abu Dhabi. It will offer customers in the UAE a fully digital banking choice with tailored products and services to meet their lifestyles and needs.
Wio 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 2.3 billion dirhams plus in-kind contribution. The digital banking platform’s primary shareholders ADQ and Alpha Dhabi, one of the fast-growing investments holding companies in the Middle East, own a combined stake of 65 per cent.
Additionally, Etisalat, holds 25pc, and First Abu Dhabi Bank (FAB) holds 10pc.
Chief executive Mohamed Hassan Alsuwaidi 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.”
Alpha Dhabi managing director and CEO Hamad Salem Mohamed Al Ameri said: “The upcoming launch of Wio will be significant for Abu Dhabi as it will help establish the emirate’s leadership in financial services in the digital age.”
Etisalat consumer digital CEO Khalifa Hassan Al Shamsi said: “Building on our fintech portfolio, the Wio partnership is part of our strategy to meet the growing consumer demands with 360-degree products and services that enhance their daily digital lives.”
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