Abu Dhabi firm receives green light for new fintech app
ADQ will launch a new digital banking platform called Wio, which investors hope will help boost the United Arab Emirates’ digital economy.
An Abu Dhabi-based investment company has received permission from the government to launch a new digital banking platform.
ADQ received “in-principle approval” from the Central Bank of the United Arab Emirates to launch Wio, which will offer users fully digital banking. Wio will first launch a beta version targeting small and medium-sized businesses, ADQ said in a press release. The firm did not say when exactly Wio would launch.
ADQ CEO Mohamed Hassan Alsuwaidi said Wio "will further strengthen the UAE’s digital economy,” according to the release.
Digital banking refers the competition of banking-related tasks, such as making investments and transferring funds, on an electronic device via the internet.
