State-backed digital bank Wio announced on Tuesday it had launched in the United Arab Emirates.
Built around three main capabilities of digital banking apps, embedded finance and banking-as-service (BAAS) solutions, the “platform bank” will set its focus initially on small and medium enterprises (SMEs).
Platform banks are those that are digitally operated and owned by a bank or non-bank entity, which provides customers banking and possibly nonbanking services on a common platform.
Wio will launch a range of digital banking apps for individual and business customers, which will offer easy and quick access to banking services, insights and tools to manage their personal and business lives efficiently, the bank said in a statement.
“At Wio Bank, we are keen to contribute to the digital ambitions of the UAE by driving the creation of a robust digital financial system that provides world class banking offerings and user experiences, laying the foundations for a futuristic economy,” Wio Bank’s chairman of the board Salem Al Nuaimi said.
In line with the UAE’s Digital Economy Strategy, Wio has also launched ‘Wio Business’, which provides start-ups, freelancers, and small and medium enterprises banking services, that will enable them to get “up and running quickly by providing easy and simple banking tools to manage their business better.”
While Wio launched in Abu Dhabi as the first “platform bank,” as they call it, the UAE is home to many digital banks.
“Speaking of competition, our view is it is always healthy and helps the industry grow collectively to bring people the best and most customer-centric solutions,” Wio bank’s chief executive officer Jayesh Patel told Arabian Business.
Patel said, “As the first platform bank, we believe our role goes beyond any traditional or digital bank, adding he is confident in the “bank’s strategy” which focuses on enhancing SME offerings and “introduce new capabilities in the UAE and the wider GCC region.”
“These capabilities will bring a significant shift in the banking operating model, where in customers can access banking through their everyday apps as opposed to having to visit a branch to access banking services,” Patel said.
The platform, is now available on App Store and Google Play, at a monthly subscription fee of AED99.
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