Banking is going digital in the UAE. On Friday, The Central Bank of the UAE has given the green light to launch a new digital banking platform called Wio.
Wio is a collaborative effort between FinTech experts, banking professionals, and tech specialists that will offer a suite of digital banking products and services to customers in the UAE. ADQ and Alpha Dhabi will own 65% of the platform, Etisalat 25%, and First Abu Dhabi Bank 10%. The total invested capital in Wio stands at AED 2.3b.
According to Alpha Dhabi CEO Hamad Salem Mohamed Al Ameri, "the upcoming launch of Wio will be significant for Abu Dhabi as it will help establish the emirate's leadership in financial services in the digital age.” Wio is a big win for FinTech in the MENA region. The platform will not just benefit consumers but will also pave the way for more FinTech businesses and investments in the region.
Why it matters
FinTech was one of the most funded tech sectors in the world last year. So, it makes sense that other "traditional" players in the industry would invest to tap into the opportunity. The UAE, in particular, has seen a few digital banks be established in recent years, including Liv by ENBD.
