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December 9, 2023

UAE: New digital bank Wio gets Central Bank licence, appoints senior leadership

Wio Bank – an integrated digital banking platform – has announced the appointment of Salem Al Nuaimi as Chairman of the Board and Jayesh Patel as chief executive officer.

The appointments come after the licence approval by the Central Bank of the UAE.

Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, Etisalat, and First Abu Dhabi Bank (FAB) with an initial capital of Dh2.3 billion.

As Chairman for Wio, Al Nuaimi will be keenly involved in shaping the platform.

“I am very happy to join the very strong and capable team that is working behind the scenes to bring this innovative digital banking journey to customers in the UAE,” Al Nuaimi said.

“The aim is to make banking convenient, transparent, and intuitive, and create a better future for our customers by transforming the way they bank in the region,” Jayesh Patel said.

With a vision to simplify banking services for consumers in the country, Wio aims to build its financial and non-financial capabilities by teaming up with other FinTech start-ups and leaders in the field to offer customers a fully digital banking experience delivered seamlessly.