Source: Wio Bank
One year on since Wio Bank PJSC , launched and rebooted digital banking in the UAE, the region’s first platform bank has introduced its second digital banking offering, Wio Personal — an intelligent everyday banking platform redefining the way individuals see, manage, and grow their money.
The new banking offering provides users with unparalleled financial visibility, flexibility, and freedom, serving as a gateway to financial empowerment, allowing customers to achieve their life goals with a seamless experience that extends to intelligent cards and exciting rewards.
Testament to Wio Bank's commitment to innovation and customer-centric banking has been the success of its ground-breaking first digital banking app, Wio Business, which has swiftly grown its customer base of SMEs and entrepreneurs, vastly contributing to the bank’s account opening figures of 45,000 across the two propositions to date.
In celebrating Wio Bank’s first anniversary, His Excellency Salem Al Nuaimi, Chairman of the Board at Wio Bank PJSC, said: “When we embarked on this journey, our vision was clear: to actively contribute to the digital aspirations of the UAE and its forward-thinking economy. We take great pride in how Wio stands as a nimble leader in the UAE's banking sector, through its development of a robust digital financial ecosystem offering world-class beyond banking services and user experiences.”
Jayesh Patel, CEO, Wio Bank PJSC, added: “Since our launch a year ago, our focus has been to drive a paradigm shift from traditional online banking and pure-play digital banks to the innovative realm of platform banking. The strong reception we’ve received for our first digital banking app, Wio Business, proves that we are headed in the right direction.”
Jayesh continued: “In line with our commitment to simplifying banking and enabling our clients to do more with their money, we’re pleased to have launched our second digital banking app -
Wio Personal. Under this proposition, we offer a full range of beyond banking solutions, benefits, and rewards to everyday banking individuals in the UAE. We believe these are essential to the modern-day individual’s financial needs and will revolutionize how they perceive, manage, and grow their money.”
Wio Personal - All-in-One Platform for Smart & Simple Money Management
With just their Emirates ID, customers can swiftly open a full Wio bank account and an investing account within minutes. The unified platform provides a holistic view of an individual’s financial landscape, enabling better decision-making. Users can easily ascertain their financial health, identify spending patterns, and make informed choices about saving and investing - all in one place.
Understanding that customers' financial needs vary, Wio Personal offers two distinct plans currently: the ‘Standard’ Plan - available at only AED 25 per month, and the ‘Plus’ Plan - available at only AED 49 per month. Both plans come packed with a range of services and benefits tailored to individual needs. The Wio Personal ‘Plus’ plan takes banking to the next level whereby customers maintaining an excess of AED 35,000 in their Wio Current or Invest accounts and/or Saving Spaces will have their monthly subscription fee waived.
A standout feature of the Wio Personal ‘Plus’ plan is the first-of-its-kind promotional interest rate of 6 per cent interest per annum applicable to savings ranging from AED 1 to AED 5 million. Customers maintaining an account balance of AED 5 million or more will be eligible for an impressive 4 per cent annual interest. Additionally, customers can enjoy an attractive 2 per cent interest per annum on their US dollar savings, enabling their money to work effortlessly. These rates are valid and applicable to money deposited in Wio Personal Saving Spaces until 31st December 2023.
Another noteworthy feature of Wio Personal is the opportunity for all customers to start investing simply and effortlessly. Wio Personal users can access thousands of global stocks, ETFs, fractional shares - and even UAE IPOs - seamlessly in a single, integrated app. They can start investing with only USD 1 and enjoy near instantaneous funding and trading - at zero commission fees.
Beyond offering smart saving and investing tools, Wio Personal comes with a whole slew of power-packed intelligent features, details for which will be revealed later this year.
A new era of banking in the UAE
A significant part of Wio Bank's vision is to build key partnerships in the industry. Through collaborations with key government entities, business setup organisations and fintechs, Wio has created an ecosystem that provides exclusive financial benefits to its customers. These partnerships extend beyond traditional banking, offering services ranging from advisory support for business ventures to access to online payment solutions, discounted POS machines, invoicing assistance, and lifestyle discounts.
Speaking of her experience with Wio Bank PJSC, Natasha Mahajan, a user of both
Wio Business and the newly launched Wio Personal banking apps, said: "Wio Bank has revolutionized my financial journey, bringing me closer to my goals of managing my expenses effortlessly, increasing my personal and professional savings, and making smart investments.”
She continued: “With distinctive features like Saving Spaces on both apps, a generous 6% interest rate on my personal savings, and seamless access to US stock investments through the Wio Personal app, Wio Bank has been a true game-changer for me. Their user-friendly banking app empowers you to take control of your finances effortlessly. It also stands out as the most convenient way to apply for UAE-based IPOs. With Wio Bank, managing and growing your money has never been this easy, seamless, or safe."