State-backed digital bank Wio launches in UAE

DUBAI : State-backed digital bank Wio announced on Tuesday it had launched in the United Arab Emirates and would focus initially on small and medium enterprises while eyeing an eventual public listing.

Wio is 65 per cent owned by Abu Dhabi sovereign wealth fund ADQ and Alpha Dhabi, 25 per cent by Etisalat and 10 per cent by First Abu Dhabi Bank. The UAE central bank in February gave it initial approval to begin operations. It planned to expand its offerings to retail customers"in the next few quarters". Wio would also look at potential acquisitions in the region as it sought to become the Middle East's leading platform bank, the chairman said.

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