Wio Bank officially launches in UAE

Wio Bank officially launches in UAE

Salem Al Nuaimi, Chairman of the Board, Wio Bank. — Supplied photo

Published: Tue 13 Sep 2022, 11:07 PM Last updated: Tue 13 Sep 2022, 11:10 PM

Wio Bank PJSC has announced 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 range of digital banking apps for individual and business customers. These will offer easy and quick access to banking services, insights