Wio: UAE's new digital banking platform
Wio is a digital bank, also known as Neobank: a financial institution that does not contain a physical branch. It has no brick and mortar and can only be accessed through your smartphone or computer. This mix combines online banking with mobile banking.
Wio offers its clients a personalized experience by presenting services that fit their financial needs and lifestyle.
The Wio platform provides innovative tools for its customers, such as greater security, expediency, and the ability to better manage your accounts and your capital.
So far, Wio is still in its infancy, but its plan is to offer digital solutions to both individuals and companies.
WIO services in a glance
- Instant virtual cards.
- Free debit cards.
- Pay as you go.
- Zero hidden charges.
- Easy account opening.
- Real-time dashboard.
What is the purpose and mission of Wio?
One of Wio's goals is to make the banking experience customer-centric — valuing transparency and convenience. The platform also offers state-of-the—art security, so their client’s info, banking transactions and everything in between is locked up tight.
Wio's main desire is to reassure their clients that their banking necessities will be treated differently from what they have been used to so far.
No long waiting lines. No poor customer service. No tedious experience. Wio intends to change banking know-how by implementing key tech innovations on its platform and its services.
Who created it and where?
The Wio platform was created in Abu Dhabi and its headquarters are currently located there. Those responsible for Wio’s creation are a conglomerate of several organizations.
Originally, its main benefactor was Etisalat. As word spread, other businesses desired to invest. Amongst them, First Abu Dhabi Bank (FAB) and the ADQ. Etisalat has 25% of the platform, ADQ and Alpha Dhabi have 65%, and FAB has 10%. Wio to date has raised a total of 2.3 billion Emirati dirhams - $626 million)
Etisalat is a telecommunications company, currently operating in 16 countries in Asia, the Middle East, and Africa. It has become one of the largest companies in the world in the telecommunications field. It was founded on October 5, 1976, in Abu Dhabi.
ADQ is a Sovereign Wealth Fund and one of the region's largest holding companies with investments locally and internationally. Its headquarters are also located in Abu Dhabi.
Alpha Dhabi is a conglomerate of businesses. The company is striving to become the market leader in all its sectors. The giant is also located in Abu Dhabi.
First Abu Dhabi Bank is the largest bank in the United Arab Emirates, which was formed thanks to a merger between First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD). The bank offers a wide variety of financial options and services for everyone. Its main offices are in Abu Dhabi as well.
Why was Wio created?
This project started as a way of helping banking customers and small or medium-sized businesses which did not have or were not satisfied with the service offered by the existing banking platforms. The creation of Wio, as time passes, also strengthens the digital economy of the UAE and will help establish the emirates' leadership in digital financial services.
Benefits of Wio
Wio is convenient, fast, and safe. Its main goal is to streamline all its services. To what degree? That everything can be done from a smartphone without having to talk to a specialist.
Wio is much safer than traditional methods because it uses encryption technology and a two-factor authentication which makes it difficult for hackers to get access to your accounts. Also, the company has employed multiple leaders in the cyber- security field and has invested heavily in data protection and fraud prevention.
24/7 customer service
Another key feature that differentiates Wio from other traditional banks is that when you need help solving a problem or answering a query, you can ring them up at any time and get expert advice from a professional customer service representative. You'll be able to count on their help at any time of the day and on any day of the week.
One of the missions of the platform is that every banking process is presented in a fluent, clear way. Customers will be able to manage their accounts and digital cards easily. Know what you pay for.