UAE's ADQ, Alpha Dhabi, Etisalat and FAB to launch next-gen banking platform
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UAE’s ADQ, Alpha Dhabi, Etisalat and FAB to launch next-gen banking platform

UAE’s ADQ, Alpha Dhabi, Etisalat and FAB to launch next-gen banking platform

Wio will offer customers in the UAE a fully digital banking choice with tailored products and services to meet their lifestyles and needs

ADQ, the Abu Dhabi-based investment and holding company, has announced that the Central Bank of the UAE has granted an in-principle approval to launch Wio, a new digital banking platform.

With its headquarters in Abu Dhabi, Wio will offer customers in the UAE a fully digital banking choice with customised products and services to meet their lifestyles and needs. A beta version will launch soon, initially providing small and medium-sized businesses a customer-centric experience to showcase factors such as security, transparency and convenience.

The total invested capital in Wio is Dhs2.3bn plus in-kind contribution. The digital banking platform’s primary shareholders ADQ and Alpha Dhabi, own a combined stake of 65 per cent. Additionally, Etisalat holds 25 per cent, and First Abu Dhabi Bank (FAB), holds 10 per cent.

Mohamed Hassan Alsuwaidi, CEO of ADQ, said: “As part of our efforts to future-proof Abu Dhabi’s economy, we are committed to enhancing the financial services sector. By delivering secure, transparent and seamless access to a cutting-edge, customer-centric digital banking platform, Wio’s unique business model will further strengthen the UAE’s digital economy that is already supported by robust infrastructure and progressive regulations.”

Eng. Hamad Salem Mohamed Al-Ameri, MD and CEO of Alpha Dhabi, added: “Our Dhs850m investment in Wio is part of the strategy we announced last December to invest in promising sectors within and outside the UAE. Wio presents a strong investment opportunity for Alpha Dhabi, and we look forward to working together to support its growth.”

Khalifa Hassan Al Shamsi, CEO – Etisalat Consumer Digital, said: “The fintech industry is a key driver of digital transformation in the UAE and has grown exponentially due to changing consumer payment behavior as well as new tech-driven convenient offerings. Customers are increasingly adopting contactless payments in physical stores as well as using fully digital financial products. Building on our fintech portfolio, the Wio partnership is part of our strategy to meet the growing consumer demands with 360-degree products and services that enhance their daily digital lives.”

Hana Al Rostamani, Group CEO, First Abu Dhabi Bank (FAB), added that the launch of Wio will bring “a new and innovative approach to banking”.

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