UAE’s Wio Bank is seeking payments and wealth to propel as the next step in its growth, CEO Jayesh Patel said on Wednesday, as the state-supported digital bank prepares to take advantage of the economic boom in the country.
The Abu Dhabi-based company, which was established in 2022, had the advantage of having new money flowing into the Gulf country due to various factors, including ease of doing business and lax regulation.
According to a central bank expectation in September, the UAE’s economy is projected to have increased by 4.9 percent this year due to increased oil production and growth in other business sectors like logistics and tourism due to government investment.
Wio intends to roll out a payments company in the coming year to ensure “things seamless for our customers”, Patel reported Reuters on part of a finance event in Abu Dhabi, also cited that it is also aiming on ways to assist wealthy clients “manage their long-term money better.”
Wio counts over 250,000 retail customers and over 120,000 business clients, including UK and Chinese firms, Patel said, up from 140,000 and 90,000 at the end of 2024.
He added that “I think we would be able to add at least a third more to our (retail customer) base next year because we are scaling a lot.”
Therefore, Wio is owned by sovereign wealth fund ADQ, conglomerate Alpha Dhabi Holding, lender FAB, and technology group e&. On whether the bank had an expansion strategy to other countries in the Gulf, Patel responded that he envisions Wio expanding to the UAE next year.
He stated that “Banking doesn’t cross borders easily. It takes a lot of effort. And we want to make sure whatever we do is not at the cost of the momentum and the potential we have here.”
He further reported that the company is considering M&A opportunities, although it is sufficiently liquid to fund its future projects.
