Wio, a government-backed digital bank, has launched in the United Arab Emirates.
The bank’s business lines include digital banking, embedded finance and Banking-as-a-Service (BaaS), Reuters reported Tuesday (Sept. 13). Initially, the bank will focus on serving small- to medium-sized businesses (SMBs).
“[SMBs] have a lot of pain points that have been under-catered to historically for many reasons, said Wio Chairman Salem Al Nuaimi, per Reuters. “And we believe that starting by being close to them and understanding them is very important. Finding funding for them in different ways is something which we will have to do.”
Wio’s offerings include digital cards, free debit cards and what the bank stated on its website are low foreign exchange (FX) rates.
Al Nuaimi’s appointment as chairman was announced in May when the bank shared its senior leadership team following the issuance of its license in the UAE.
“Today, we are catering to an audience that is digitally savvy and expects solutions that are intuitive, fundamental and easy-to-use,” Al Nuaimi said at the time of his appointment. “In Wio, we have a highly evolved and adaptable digital platform that will open new paths for its customers and simplify the process of money management.”
Wio is owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, Etisalat and First Abu Dhabi Bank (FAB). Executives have said the bank eventually is likely to go public. Wio is regulated by the Central Bank of the UAE.
As PTMNTS reported in June, the UAE has taken on a role as a regional FinTech power.
Read more: The UAE’s Increasing Role as a Regional FinTech Hub
One key factor contributing to this rapid acceleration in FinTech has been at the government level, with millions being pumped into the startup ecosystem in recent years through sovereign wealth funds (SWF) like the Abu Dhabi Investment Authority (ADIA), one of the world’s largest SWFs with nearly $700 billion in assets.
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