Dubai: The UAE’s brand new digital ponly bank Wio has confirmed Salem Al Nuaimi as Chairman and Jayesh Patel as CEO. The appointments follow the license approval from the UAE Central Bank.
Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB) with an initial capital of Dh2.3 billion.
“In Wio, we have a highly evolved and adaptable digital platform that will open new paths for its customers and simplify the process of money management,” said Al Nuaimi. ”I am very happy to join the very strong and capable team that is working behind the scenes to bring this innovative digital banking journey to customers in the UAE.”
Al Nuaimi is currently a board member of ADQ and Managing Director of Abu Dhabi Pension Fund. He was also chairman of SEHA (Abu Dhabi Health Services Company) and held board positions at NYSE-listed AerCap Holdings NV and Nasdaq-listed oil and gas services firm National Energy Services Reunited Corporation (NESR).
“It’s an exciting time for the banking industry as it grows to adapt to the ever-changing needs of customers,” he said in a statement. “Today, we are catering to an audience that is digitally savvy and expects solutions that are intuitive, fundamental, and easy-to-use.
Jayesh Patel, who has emerged from the fintech space, had a key role in the creation of Liv., the UAE digital-only bank from Emirates NBD. “As an open platform, Wio will partner with local and global providers to facilitate access to tools and services that will support our customers’ life ambitions,” said Patel.
The first product to be introduced - Wio Business - is a dedicated app for SMEs, entrepreneurs, and freelancers. “The aim is to make banking convenient, transparent, and intuitive, and create a better future for our customers by transforming the way they bank in the region.”