Wio Bank has launched as the first "platform bank" in the UAE, offering apps, embedded finance and BaaS offerings in the region.
The bank's launch is in line with the UAE’s Digital Economy Strategy that aims to double the contribution of the digital economy to the country’s GDP over the next decade.
Wio, which received approval from the Central Bank of UAE earlier this year, is jointly owned by Abu Dhabi Holding Company, Alpha Dhabi, Etisalat and First Abu Dhabi Bank (FAB) with an initial capital of $630 million.
Wio will launch a range of digital banking apps for individual and business customers, providing services, insights and tools to manage their personal and business lives efficiently.
In addition, the new entrant will work with digital firms in the region to help them embed customised financial services.
Similarly, it will partner with digital businesses to offer its ready-made and modular BaaS solutions to enable them to provide banking products and services to their customers.
Jayesh Patel, CEO, Wio Bank, says: "We believe the next evolution of banking is a shift from traditional online banking and pure play digital banks to that of platform banking and we are excited to launch Wio as the first platform bank in the region."