Wio Bank signs agreement with ADX to enable fully digital, instant IPO subscriptions

Wio Bank signs agreement with ADX to enable fully digital, instant IPO subscriptions

Wio Bank PJSC, the region’s first platform bank, has signed an agreement with Abu Dhabi Securities Exchange (ADX) to facilitate Initial Public Offering (IPO) subscriptions on ADX. This agreement allows Wio customers to instantly subscribe to UAE IPOs on ADX via Wio Bank’s upcoming personal banking mobile application. This fully digital service will enable Wio’s customers to instantly and digitally create a National Investor Number (NIN) on ADX and apply for IPO subscriptions on ADX in the UAE from their Wio Bank account. Additionally, Wio customers can also benefit from the option to apply for leverage at a competitive rate of up to five times the amount invested. This empowers customers to increase their allocation of shares in an IPO. Furthermore, Wio can instantly approve the leverage application, using its innovative digital platform and deep customer insights. The ADX accounted for 14 per cent of global IPOs in the first quarter of 2023, a reflection of the growing strength of Abu Dhabi’s capital market. In 2022 the UAE market witnessed an increased flurry of IPO activity, with 11 IPOs raising Dh51.2 billion in total, with a total subscription of Dh1.45 trillion. This agreement further supports ADX’s strategy of continuing to