Company Insights Wio Bank Banking & Finance Wio Bank Overview Wio Bank is a digital financial platform based in Abu Dhabi and regulated by the Central Bank of UAE. It is jointly owned by Abu Dhabi Development Company (ADQ), e& (formerly Etisalat), First Abu Dhabi Bank (FAB) and Alpha Dhabi Holding. Wio Bank is built around three main business lines: digital banking apps, embedded finance and banking-as-a-service (providing banking through third-party distributors). Wio Personal is for individuals to manage personal finances, while Wio Business is aimed at supporting UAE-based SMEs and freelancers. Wio Bank has around 250,000 retail customers but plans to double this number and boost its SME customer base. The bank says it aligns with UAE’s Digital Economy Strategy, which aims to double the digital economy’s contribution to the country’s GDP over the next decade and promote the UAE’s position as a regional and global hub for digital economy. Wio Bank News Video length: 06:56 Analysis Banking & Finance Revolut tipped to ‘shake up’ UAE remittance market UK fintech Revolut is stepping up recruitment in Dubai as it prepares to muscle in on the UAE’s $44 billion remittances market. Last month, more than a dozen Revolut insiders gathered at a cafe in Dubai’s Al Quoz district, courting talent for its UAE operations. The company told AGBI last year that it was recruiting […] September 17, 2024 Finance NMDC Energy’s IPO oversubscribed 14 times The initial public offering (IPO) of NMDC Energy, the wholly owned subsidiary of NMDC Group, has been oversubscribed 14 times by day four of its subscription period. The subscription commenced on August 30 and will close on September 4. Shares of NMDC Group, which trades on the Abu Dhabi Securities Exchange (ADX), jumped more than 9 percent on […] September 3, 2024 Markets NMDC Energy to raise $877m from Abu Dhabi listing NMDC Group expects to raise AED3.22 billion ($877 million) when its wholly-owned energy subsidiary lists next month on the Abu Dhabi Securities Exchange (ADX). The initial public offering of NMDC Energy, an engineering, procurement, and construction contractor for energy projects, will consist of 1.15 billion shares at AED2.8 per share. The shares are expected to begin […] August 29, 2024 Opinion Banking & Finance Gulf’s neobanks must hone the user experience Digital banking in the region must learn from European pioneers and innovate further February 20, 2024 Banking & Finance New UAE partnership to cut red tape of business bank accounts Opening a bank account is listed as “the biggest hurdle” entrepreneurs and business founders face in the UAE, but a new scheme is aiming to address this. A report last year by identity verification platform IDnow Middle East, which surveyed more than 1,000 people, found that nine out of 10 UAE respondents think it takes […] January 4, 2023 Banking & Finance Region sees surge in compliance costs for new bank accounts The rapid expansion of the financial technology and online banking sector in the Middle East has meant the region has seen a large increase in the size of compliance teams over the last three years, according to a new study. Increased geopolitical risk, regulation and evolving criminal threats are also driving increased anti-money laundering (AML) […] October 5, 2022 EXCLUSIVE Banking & Finance Wio Bank has a big idea: let SMEs spend less time on banking The UAE's next digital bank is launching with a focus on SMEs and a pledge to reduce the time they have to spend on admin, reveals its CEO Jayesh Patel June 27, 2022 Banking & Finance Abu Dhabi investors to plough $200m into Borouge IPO Alpha Dhabi, IHC and Multiply Group plan to invest in the plastics maker, which is set to list on the Abu Dhabi Securities Exchange on June 3 May 23, 2022 Banking & Finance Wio appoints execs to drive digital banking push Wio Bank, a new digital banking platform established in the UAE, today announced senior leadership appointments following its licence approval by the UAE Central Bank. Salem Al Nuaimi has been named chairman of the board and Jayesh Patel has been appointed as CEO. Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, […] May 10, 2022 Posts navigation
Video length: 06:56 Analysis Banking & Finance Revolut tipped to ‘shake up’ UAE remittance market UK fintech Revolut is stepping up recruitment in Dubai as it prepares to muscle in on the UAE’s $44 billion remittances market. Last month, more than a dozen Revolut insiders gathered at a cafe in Dubai’s Al Quoz district, courting talent for its UAE operations. The company told AGBI last year that it was recruiting […] September 17, 2024
Finance NMDC Energy’s IPO oversubscribed 14 times The initial public offering (IPO) of NMDC Energy, the wholly owned subsidiary of NMDC Group, has been oversubscribed 14 times by day four of its subscription period. The subscription commenced on August 30 and will close on September 4. Shares of NMDC Group, which trades on the Abu Dhabi Securities Exchange (ADX), jumped more than 9 percent on […] September 3, 2024
Markets NMDC Energy to raise $877m from Abu Dhabi listing NMDC Group expects to raise AED3.22 billion ($877 million) when its wholly-owned energy subsidiary lists next month on the Abu Dhabi Securities Exchange (ADX). The initial public offering of NMDC Energy, an engineering, procurement, and construction contractor for energy projects, will consist of 1.15 billion shares at AED2.8 per share. The shares are expected to begin […] August 29, 2024
Opinion Banking & Finance Gulf’s neobanks must hone the user experience Digital banking in the region must learn from European pioneers and innovate further February 20, 2024
Banking & Finance New UAE partnership to cut red tape of business bank accounts Opening a bank account is listed as “the biggest hurdle” entrepreneurs and business founders face in the UAE, but a new scheme is aiming to address this. A report last year by identity verification platform IDnow Middle East, which surveyed more than 1,000 people, found that nine out of 10 UAE respondents think it takes […] January 4, 2023
Banking & Finance Region sees surge in compliance costs for new bank accounts The rapid expansion of the financial technology and online banking sector in the Middle East has meant the region has seen a large increase in the size of compliance teams over the last three years, according to a new study. Increased geopolitical risk, regulation and evolving criminal threats are also driving increased anti-money laundering (AML) […] October 5, 2022
EXCLUSIVE Banking & Finance Wio Bank has a big idea: let SMEs spend less time on banking The UAE's next digital bank is launching with a focus on SMEs and a pledge to reduce the time they have to spend on admin, reveals its CEO Jayesh Patel June 27, 2022
Banking & Finance Abu Dhabi investors to plough $200m into Borouge IPO Alpha Dhabi, IHC and Multiply Group plan to invest in the plastics maker, which is set to list on the Abu Dhabi Securities Exchange on June 3 May 23, 2022
Banking & Finance Wio appoints execs to drive digital banking push Wio Bank, a new digital banking platform established in the UAE, today announced senior leadership appointments following its licence approval by the UAE Central Bank. Salem Al Nuaimi has been named chairman of the board and Jayesh Patel has been appointed as CEO. Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, […] May 10, 2022
