UAE Business: ADQ ties up with Abu Dhabi entities to set up digital banking platform – Gulf Digital News

UAE Business: ADQ ties up with Abu Dhabi entities to set up digital banking platform – Gulf Digital News

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. 

With its headquarters in Abu Dhabi, Wio will enhance the capital’s growing reputation as a global financial services center at the leading edge of digital banking. 

Led by globally experienced FinTech experts, banking professionals and technology specialists, Wio 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 AED2.3 billion 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%. 

Additionally, Etisalat, one of the world’s leading telecom and tech conglomerates, holds 25%, and First Abu Dhabi Bank (FAB), one of the world’s largest and safest financial institutions, holds 10%.

On the new venture CEO Mohamed Hassan Alsuwaidi said: