- Wio set to unleash the power of UAE's digital economy
- The Central Bank of the UAE has granted in-principle approval
- Plans for Beta launch are on track for Q1 2022 in the UAE
ADQ, an Abu Dhabi-based investment and holding company, today announced the Central Bank of the UAE has granted an in-principle approval to launch a new digital banking platform, which will be called Wio.
With its headquarters in Abu Dhabi, Wio will enhance the capital’s growing reputation as a global financial services center at the leading edge of digital banking. Led by globally experienced FinTech experts, banking professionals and technology specialists, 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 AED 2.3 billion plus in-kind contribution. The digital banking platform’s primary shareholders ADQ and Alpha Dhabi, one of the fast-growing investments holding companies in the Middle East, own a combined stake of 65%. Additionally, Etisalat, one of the world’s leading telecom and tech conglomerates, holds 25%, and First Abu Dhabi Bank (FAB), one of the world’s largest and safest financial institutions, holds 10%.
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 input and the “o” represents output.
To find out more about Wio, please visit wio.io
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to email@example.com. You can also follow ADQ on Twitter, Instagram and LinkedIn.
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