New UAE digital banking platform Wio, which is in search of to “reboot banking”, has appointed Salem Al Nuaimi as chair of its board and Jayesh Patel as CEO.
The hires at Wio – which was announced in February – observe the neobank’s licence approval by the Central Financial institution of the UAE.
Al Nuaimi brings expertise from quite a few monetary companies management roles, together with serving as a board member of Abu Dhabi Holding Firm (ADQ) and as managing director of Abu Dhabi Pension Fund.
Abu Dhabi-based Wio is collectively owned by ADQ, Alpha Dhabi, Etisalat and First Abu Dhabi Financial institution (FAB). Between them, the group stumped up AED 2.3 billion price of capital to fund the brand new digital banking participant.
Al Nuaimi will probably be tasked with making the platform the go-to selection for companies and people within the UAE, as “the banking business grows to adapt to the ever-changing wants of shoppers”.
CEO Patel, who will probably be main Wio’s strategic progress, has expertise constructing digital banking options having led the creation of UAE digital life-style financial institution Liv.
Patel says: “As an open platform, Wio will accomplice with native and world suppliers to facilitate entry to instruments and companies that may help our clients’ life ambitions.”
Wio’s open platform will combine third-party monetary instruments and companies, teaming up with different fintech start-ups to ship digital banking experiences.
The primary providing, Wio Enterprise, is focused at SMEs, entrepreneurs and freelancers, offering them with a collection of enterprise banking and monetary administration options.