Dubai, UAE— Wio, the UAE’s digital bank, has formally launched its operations in the country and would focus on small and medium enterprises.
It has three main business lines: digital banking apps, embedded finance and banking-as-a-service, the provision of banking through third-party distributors.
Wio is 65 percent owned by Abu Dhabi sovereign wealth fund ADQ and Alpha Dhabi, 25 percent by Etisalat and 10 percent by First Abu Dhabi Bank.
The UAE central bank in February gave it initial approval to begin operations.
The bank is planning 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.