State-backed digital bank Wio makes its debut in the UAE

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State-backed digital bank Wio announced its launch in the United Arab Emirates on Tuesday.

The “platform bank,” which is built around three main capabilities of digital banking apps, embedded finance, and banking-as-a-service (BAAS) solutions, will initially target small and medium-sized businesses (SMEs). Platform banks are those that are digitally operated and owned by a bank or non-bank entity and offer banking and possibly non-banking services to customers on a common platform. Wio will launch a suite of digital banking apps for individual and business customers that will provide easy and quick access to banking services, insights, and tools to help them manage their personal and business lives more efficiently, according to a statement from the bank.

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State-backed digital bank Wio makes its debut in the UAE

State-backed digital bank Wio announced its launch in the United Arab Emirates on Tuesday.

The “platform bank,” which is built around three main capabilities of digital banking apps, embedded finance, and banking-as-a-service (BAAS) solutions, will initially target small and medium-sized businesses (SMEs). Platform banks are those that are digitally operated and owned by a bank or non-bank entity and offer banking and possibly non-banking services to customers on a common platform. Wio will launch a suite of digital banking apps for individual and business customers that will provide easy and quick access to banking services, insights, and tools to help them manage their personal and business lives more efficiently, according to a statement from the bank.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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