Wio Bank Qorus-Infosys Finacle Banking Innovation Awards 2024- Nominated

The UAE is a heavily banked market with over 50 banks serving 10M population and 400K+ private sector businesses. The industry is dominated by a set of long-established traditional banks. But banking ubiquity doesn’t necessarily mean customer happiness. Most of the banks continue to have archaic processes and legacy systems. While a couple of digital solutions have been launched by incumbents, they are still dependent on parent bank’s policies, people and infrastructure, thus limiting their ability to truly disrupt the market.

Wio Bank is the first Platform Bank in the Middle East region, built as a greenfield project to revolutionize the banking sector and serve the needs of tomorrow's customers through 3 main capabilities:

(i) Digital banking apps that are easy, enabling and empowering - It’s your everyday digital banking app with a seamless, intuitive experience.

(ii) Embedded Finance solutions – Wio will be providing banking services in the apps you use every day without you needing to switch to the banking app.

(iii) BaaS capabilities - that allow non-banking apps to integrate Wio’s banking services and provide it to their customers.

Wio leverages the strength of its shareholders and the management team which have successfully launched digital banks in the past. This is evidenced by Wio Bank launching the platform in just 17 months!

Wio Business was launched officially on 5th September 2022. In just 20 months since its launch (as of May 2024), Wio Business signed up over 65,000 SME customers, and now average 4,500+ new accounts every month, quickly becoming one of the leading banks tailored for SMEs in the UAE, outpacing every competitor.

The second digital banking product launched by Wio Bank was Wio Personal, an intelligent everyday banking platform redefining the way individuals see, manage, and grow their money. The personal banking app, which was launched officially on July 31st, 2023, provides users with unparalleled financial visibility, flexibility, and freedom, serving as a gateway to financial empowerment, allowing customers to achieve their life goals with a seamless experience that extends to intelligent cards and exciting rewards. In a short span of time, Wio Personal has onboarded over 80,000 customers (as of May 2024), averaging over 10,000 accounts per month.