Region’s first platform bank Wio Bank PJSC officially launches in the UAE

Region’s first platform bank Wio Bank PJSC officially launches in the UAE

- Aims to catalyse growth of digitization in regional financial sector by shifting banking operating models to one that enables digital businesses

- Launches its first digital banking application – Wio Business for SMEs to provide easy banking, enable business growth and empower customers

Abu Dhabi, UAE: Wio Bank PJSC announced today its official launch in the UAE, becoming the first platform bank in the region, aiming to transform banking operating models towards a more digital future. This is in line with the UAE’s Digital Economy Strategy that aims to double the contribution of the digital economy to the country’s GDP over the next decade and to enhance the position of the UAE as a hub for digital economy in the region and globally. The new bank will provide solutions in three areas - Digital Banking apps, Embedded Finance and Banking-as-a-Service solutions.

Digital Banking apps - Easy, empowering and enabling

In the UAE, almost one in five individual customers has an account with a digital bank and this is expected to double in the next few years. However, SME digital banking is still in its nascency with customers largely relying on brick-and-mortar branches to open accounts and carry out business transactions.

Wio will launch a