International Business: ADQ gets licence to set up digital banking platform – Gulf Digital News

International Business: ADQ gets licence to set up digital banking platform – Gulf Digital News

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