The UAe has seen multiple digital-only banks launch in the recent past. Wio's backers include Abu Dhabi's FAB, e& and ADQ. Image Credit: Shutterstock

Dubai: The UAE digital-only bank Wio is getting personal – by launching a dedicated platform targeted at retail clients. The bank, which launched in 2022, had until now been working on building a base with SMEs and corporate focussed customers.

With ‘Wio Personal’, the bank wants to build on what’s already been achieved – 45,000 clients made up of SMEs and entrepreneurs, as well as individuals.

“Our focus has been to drive a paradigm shift from traditional online banking and pure-play digital banks to the innovative realm of platform banking,” said Jayesh Patel, CEO, Wio Bank. “The strong reception we’ve received for our first digital banking app, Wio Business, proves that we are in the right direction.”

Wio Personal offers two plans for now: the ‘Standard’ Plan, available at Dh25 per month, and the ‘Plus’ for Dh49. On the latter, customers maintaining over Dh35,000 in their Wio Current or Invest accounts and/or Saving Spaces will have their monthly subscription fee waived.

Under Wio Personal, ‘we offer a full range of beyond banking solutions, benefits, and rewards to everyday banking individuals in the UAE’, the CEO said. “We believe these are essential to the modern-day individual’s financial needs and will revolutionize how they perceive, manage, and grow their money.”

When we embarked on this journey, our vision was clear: to actively contribute to the digital aspirations of the UAE and its forward-thinking economy

- Salem Al Nuaimi, Chairman of the Board at Wio Bank

High networth clients

Against the backdrop of higher interest rates on deposits, the new Wio platform’s ‘Plus’ plan is offering a promotional period interest rate of 6 per cent interest per annum applicable on savings from Dh1 million to Dh5 million. Customers maintaining an account balance of AED 5 million or more will be eligible for 4 per cent annual interest.

Additionally, they can tap 2 per cent interest per annum on US dollar savings. (These rates are valid and applicable to money deposited in Wio Personal Saving Spaces until December 31.

Term deposits held by UAE banks have seen a major rise in recent quarters, with customers obviously keeping an eye on the interest rates these are fetching currently.

The last two years saw multiple digital only banks launch in the UAE, including Naqd and Al Maryah Community Bank. 

Trade through app
The Wio Personal app will also allow customers to access global stocks, ETFs, fractional shares – as well as UAE IPOs. They can start investing with 'only $1' at zero commission fees.