A new digital banking platform that is considered as the next generation financial facility, has been granted in-principle approval by the Central Bank of the UAE. The platform called “Wio” is being launched by ADQ, an Abu Dhabi-based investment and holding company and will enhance the capital's growing reputation as a global financial services centre at the leading edge of digital banking.

Government official media agency WAM reported that the venture is being led by FinTech experts, banking professionals and technology specialists and that 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, WAM added.

The total invested capital in Wio is AED2.3 billion plus in-kind contributions, the communique stated.

The digital banking platform's primary shareholders ADQ and Alpha Dhabi, one of the fast-growing investment holding companies in the Middle East, own 65 percent. Additionally, Etisalat holds 25 percent, and the First Abu Dhabi Bank (FAB) holds 10 percent.

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, WAM quoted.

Pronounced "wee-oh", the name Wio describes the company's active purpose of 'opening new paths so you can go further. Putting customers at the heart of everything it does, the 'W' is the shape of your path and your journey that Wio enables through digital, the "i" represents the input, and the "o" represents output.

Pic : WAM