Wio Bank PJSC, the pioneering platform bank in the region, has joined forces with the Abu Dhabi Securities Exchange (ADX) to provide its users with easy access to Initial Public Offerings (IPOs) on ADX. The partnership enables Wio Bank customers to subscribe to UAE IPOs on ADX through Wio Bank’s upcoming personal banking mobile application, eliminating the need for paperwork and streamlining the process.
With Wio Bank’s fully digital service, customers can create a National Investor Number (NIN) on ADX and apply for IPO subscriptions directly from their Wio Bank account. Additionally, Wio Bank customers will have the option to apply for leverage, allowing them to increase their allocation of shares in an IPO at a competitive rate of up to five times the amount invested.
ADX has been making significant strides in the global IPO landscape, accounting for 14 percent of global IPOs in the first quarter of 2023. This growth reflects the strength of Abu Dhabi’s capital market. The collaboration between Wio Bank and ADX aligns with ADX’s strategy of leveraging digital solutions to expand its investor base and enhance market liquidity.
The agreement will support the financial ambitions of investors and provide them with immediate access to substantial investment opportunities. With increased listings, a diversified product offering, and participation from international investors, ADX witnessed a 21.9 percent increase in trading value in 2022, reaching AED 450 billion. The benchmark FADX 15 Index also performed exceptionally well, gaining 22.6 percent and becoming the best-performing index in the Arab world.