Abu Dhabi entities’ alliance to launch new digital banking platform ‘Wio’

Abu Dhabi entities’ alliance to launch new digital banking platform ‘Wio’

Abu Dhabi-based investment and holding company, ADQ has received in-principal approval from the Central Bank of UAE (CBUAE) to launch “Wio”, a new digital banking platform.

Headquartered in Abu Dhabi, Wio will have ADQ and Alpha Dhabi, one of the fast-growing investment holding companies in the Middle East, as its primary shareholders who own 65 percent. Additionally, Etisalat holds 25 percent, and the First Abu Dhabi Bank (FAB) holds 10 percent.

The digital banking platform will enhance the UAE capital’s growing reputation as a global financial services center at the leading edge of digital banking. The total invested capital in Wio is $626 million plus in-kind contribution.

Commenting on the launch of the banking platform, Mr. Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ, said that Wio’s unique business model will further strengthen the UAE’s digital economy supported by robust infrastructure and progressive regulations.

Led by 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.

Hamad Al Ameri

MD & CEO

Alpha Dhabi Holding “The upcoming launch of Wio will be significant for Abu Dhabi as it will help establish the emirate’s leadership in financial services