On September 13, the UAE’s first platform bank, Wio, commenced operations. Wio is 65% owned by Abu Dhabi sovereign wealth fund ADQ and investments holding company Alpha Dhabi, with Abu Dhabi-based telco Etisalat and the country’s largest lender First Abu Dhabi Bank holding 25% and 10% stakes respectively. The new entrant is looking to shake up the UAE’s banking market before taking its ambitions further afield. Here, the chief executive shares his vision with The Banker.
Q: Wio bills itself as the UAE’s first “platform bank’’. How will this shape the way you do business?
