Draft:Wio Bank
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| Company type | Public joint-stock company (privately held) |
|---|---|
| Industry | Banking |
| Founded | 2022 |
| Headquarters | , |
Key people | Jayesh Patel (CEO); H.E. Mansour Mohamed Al Mulla (Chairman) |
| Website | wio |
Wio Bank PJSC (stylised as Wio) is a UAE digital bank headquartered in Abu Dhabi. Since its launch in 2022, it has grown into an integrated platform offering SME and retail banking. The bank is backed by strategic shareholders ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank.[1]
History
[edit]In February 2022, the Central Bank of the United Arab Emirates granted in-principle approval for Wio to operate as a digital bank in the UAE.[2]
In May 2022, Wio announced its senior leadership, naming Jayesh Patel as CEO and H.E. Salem Rashid Al Nuaimi as its initial chairman.[3]
Wio initially launched in September 2022 with the introduction of Wio Business for SMEs.[4]Wio then expanded into retail banking with Wio Personal.[5]
In May 2024, the bank reported profitability in its first full financial year, reporting revenues of AED 266.4 million and a net profit of AED 2 million.[6]
In May 2025, Wio announced a board leadership update: H.E. Mansour Mohamed Al Mulla was appointed chairman of the board.[7]
Products and operations
[edit]Wio offers two main digital banking platforms: Wio Business for SMEs and entrepreneurs, and Wio Personal for retail banking.[8][9]
Savings interest evolution
[edit]At its retail launch in September 2023, Wio offered a promotional savings rate of 6% per annum on balances of up to Dh5 million under its Personal Plus plan, valid until the end of that year.[10]
By July 2024, Wio’s savings products were described as offering up to 5.5% per annum on Fixed Saving Spaces (Plus plan) and 5% on flexible Saving Spaces, subject to plan terms.[11]
As of 2025, Wio lists 3.75% per annum for AED Saving Spaces (flexible) and 3.5% for USD on its Personal plan pages, while its Salary Plan offers up to 6% per annum on one-month Fixed Saving Spaces, subject to eligibility and balance requirements.[12][13][14]
Recognition
[edit]Wio was named Middle East's Best Digital Bank by Euromoney in its 2025 Awards for Excellence.[15]
Forbes Middle East included Wio in its annual list of the Middle East’s Fintech 50 in both 2024 and 2025.[16][17]
References
[edit]- ^ Saba, Yousef (2022-09-13). "State-backed digital bank Wio launches in UAE". Reuters. Retrieved 2025-09-01.
- ^ "ADQ-backed digital bank gets UAE central bank approval to launch". Reuters. 2022-02-11. Retrieved 2025-09-01.
- ^ "Wio Makes Senior Leadership Appointments Following UAE Central Bank License" (PDF). Official Wio press release. 2022-05-10. Retrieved 2025-09-01.
- ^ Saba, Yousef (2022-09-13). "State-backed digital bank Wio launches in UAE". Reuters. Retrieved 2025-09-01.
- ^ "UAE digital bank Wio launches second app, this time for individual clients". Gulf News. 2023-09-14. Retrieved 2025-09-01.
- ^ "Wio Bank achieves profitability in first full year". Khaleej Times. 2024-05-22. Retrieved 2025-09-01.
- ^ "Wio Bank PJSC announces new Chairman and Board appointments". Zawya. 2025-05-15. Retrieved 2025-09-01.
- ^ Saba, Yousef (2022-09-13). "State-backed digital bank Wio launches in UAE". Reuters. Retrieved 2025-09-01.
- ^ "UAE digital bank Wio launches second app, this time for individual clients". Gulf News. 2023-09-14. Retrieved 2025-09-01.
- ^ Nair, Deepthi (2023-09-14). "Digital bank Wio expands service to include retail customers". The National. Retrieved 2025-09-01.
- ^ Cheriyan, Dona (2024-07-18). "Eight ways to earn with savings accounts in the UAE". The National. Retrieved 2025-09-01.
- ^ "Personal – Save". Wio. Retrieved 2025-09-01.
- ^ "Personal – Salary Plan". Wio. Retrieved 2025-09-01.
- ^ "Wio Bank launches salary plan with 6% interest on savings". MEA Finance. 2025-04-14. Retrieved 2025-09-01.
- ^ "Middle East's best digital bank 2025: Wio Bank". Euromoney. 2025-05-21. Retrieved 2025-09-01.
- ^ "The Middle East's Fintech 50 – Wio Bank". Forbes Middle East. 2024-04-05. Retrieved 2025-09-01.
- ^ "The Middle East's Fintech 50 2025 – Wio Bank". Forbes Middle East. 2025-03-26. Retrieved 2025-09-01.