Abu Dhabi to Launch Next-Generation Banking Platform 'Wio'

  • Publish date: Friday، 11 February 2022
Abu Dhabi to Launch Next-Generation Banking Platform 'Wio'

ADQ, an Abu Dhabi-based investment and holding company, today announced that the Central Bank of the UAE had granted in-principle approval to launch a new digital banking platform, which will be called "Wio".

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.

The total invested capital in Wio is AED2.3 billion plus in-kind contribution.

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.

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.

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