Latest news with #Wio
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Business Standard
01-05-2025
- Business
- Business Standard
Fuze raises $12.2 mn from Galaxy, e& Capital to power digital assets infra
Company will use investment to expand business, product innovation and hiring Fuze, which provides digital assets infrastructure in finance, has raised $12.2 million to expand in India and abroad, said the company on Thursday. The Series A funding round was led by Galaxy, a global leader in digital assets and data centre infrastructure, and e& (etisalat and), a telecommunications company based in the United Arab Emirates (UAE). Founded in 2023 by Arpit Mehta, Srijan R Shetty and Mo Ali Yusuf, Fuze provides digital assets-as-a-service to financial institutions and businesses. Fuze has a suite of stablecoin (a cryptocurrency) infrastructure products and recently announced its expansion into payments. The company operates in the Middle East, North Africa (MENA) and Turkey and it has processed more than $2 billion in digital assets. Fuze said it plans to expand in India, where its founders have their roots, and is engaging with regulators and policymakers to 'navigate the evolving crypto regulatory landscape in the country'. The Series A investment will also be used for product innovation, compliance and hiring. 'We will fast track our mission to enable any bank, fintech or traditional business to seamlessly integrate digital assets and accelerate regional digital asset adoption,' said Mehta. 'We are seeing a huge surge in demand and we believe that in the near future, every financial institution and business will leverage some type of crypto or stablecoin capability.' Leon Marshall, chief executive officer of Galaxy Europe, said Fuze is strengthening its digital assets infrastructure as MENA becomes a hub for innovation and the UAE develops regulatory frameworks for digital assets. Fuze is backed by Further Ventures, an ADQ-backed venture builder and investment firm. Mohamed Hamdy, managing partner at Further Ventures, said: 'It's rare to see a fintech scale this quickly while maintaining a strong regulatory foundation. At Further Ventures, we back companies for the long term - and Fuze is exactly the kind of bold, unique business we believe in.' 'There's a natural synergy between Fuze and our fintech portfolio, from e& money to Wio and Careem Pay. And this investment is about backing bold companies who understand the long game, building digital assets infrastructure to supercharge the next wave of financial services innovation,' said Harrison Lung, group chief strategy officer of e&.
Zawya
14-04-2025
- Business
- Zawya
Wio Bank launches salary plan with market-leading 6% interest on savings to enhance financial wellness
Abu Dhabi, UAE: Wio Bank PJSC, the Middle East's first digital financial platform, announced the launch of the Wio Personal Salary Plan, a new banking plan offering salaried individuals in the UAE a market-leading 6% interest rate on their savings and significant benefits to enhance their financial wellness. Financial wellness has emerged as a key priority for professionals in the UAE, with financial stress widely recognized as a factor affecting workplace productivity, mental health, and overall life satisfaction. Salaried individuals are increasingly seeking banking solutions that do more than just store their income. The Wio Personal Salary Plan addresses these concerns by transforming how employees interact with their primary source of income, turning standard salary accounts into tools for financial growth and stability. The Wio Personal Salary Plan converts a standard salary account into a comprehensive financial wellness tool. It offers 6% interest per annum on Fixed Saving Spaces—one of the highest in the UAE—and 3% interest per annum on current account balances, making Wio the first bank in the country to offer interest on everyday balances. These features enable automatic wealth building, creating a foundation for improved financial wellness without requiring active management. Jayesh Patel, CEO of Wio Bank PJSC, said: "In today's fast-paced economy, bank accounts should do more than just hold money—they should create opportunities for growth. People work hard for their income – we believe their earnings should work equally hard for them. We designed the Wio Personal Salary Plan to transform how people build wealth automatically with every paycheck, even when they're not actively managing their finances. This innovation directly supports our strategic mission to create financial tools that generate measurable value and empower customers to achieve greater financial security." The plan integrates multiple financial wellness components in one solution. Through one easy-to-use app, customers can save up to 3.5% on global transactions with multi-currency accounts in USD, EUR, and GBP, enjoy up to 2% cashback on credit card spending (up to AED 2,500 per month), and seamlessly invest in over 2,500 UAE and US stocks, ETFs, and cryptocurrencies. This holistic approach addresses key aspects of financial wellness—from daily money management to long-term wealth building—with a hassle-free digital account opening process that requires no paperwork. Available to those earning AED 15,000 or more monthly, the Wio Personal Salary Plan supports the UAE's vision for financial well-being and digital advancement. Companies partnering with Wio can offer their employees special access, providing an accessible financial wellness benefit at no cost to employers. In alignment with the UAE's broader vision of financial empowerment and inclusion, Wio Bank aims to support residents in building long-term financial wellness. By offering an innovative, high-yield banking solution, Wio Bank is contributing to the country's economic development by encouraging smarter saving habits, enhancing digital banking adoption, and reinforcing the UAE's position as a leader in fintech innovation. About Wio Bank PJSC: Wio Bank PJSC, the Middle East's first digital financial platform, is reimagining banking for individuals and businesses. Headquartered in Abu Dhabi and backed by strategic investors including ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB), Wio combines cutting-edge technology with a human-centric approach to deliver seamless, personalised financial solutions. For personal banking, Wio offers smart tools and insights to help users take control of their finances, enabling them to save, spend, and grow with ease. For businesses, Wio goes beyond traditional banking by providing entrepreneurs and SMEs with a comprehensive digital platform designed to streamline operations, unlock growth opportunities, and simplify financial management. Wio is redefining the banking landscape as a market leader in Banking-as-a-Service (BaaS) and embedded finance, delivering innovative solutions that empower people, businesses, and communities with the infrastructure they need to access long-term wealth creation. By offering an end-to-end, frictionless digital platform for both retail and business customers, Wio is disrupting traditional banking models, creating operational efficiencies, and unlocking value-added services through a transparent, personalised customer experience. Wio Bank's commitment to innovation has been widely recognized, being named '#1 Fintech in MENA' by Forbes Middle East and 'Digital Bank of the Year' at both the E-Business Awards 2024 and Tech Innovation Awards 2024. The bank has also received 'Best Retail Banking Digital App Experience' award, 'SME Bank of the Year' award, and 'Intelligent Banking and Finance Implementation' award. Additionally, Wio's leadership excellence was acknowledged with inclusion in the Top 34 GCC Banking CEO Power List 2024 by Finance Middle East. For more information, visit
Zawya
27-02-2025
- Business
- Zawya
Wio Bank grows over AED 37bln in balance sheet in second full year of operations
Net Profit grew to nearly AED 400M (nearly 200 times Year-on-Year growth) Industry-leading Net Promoter Score (NPS) of 74 Abu Dhabi, UAE – Wio Bank PJSC has established itself among the top 10 most profitable neobanks globally and a leading UAE bank for retail and SME deposits – all within just two years of its full-scale launch. Based on Wio's financial performance metrics compared to C-Innovation Market Research's 2024 global neobank profitability report and analysis of available segmental disclosures, the bank has transformed from market entrant to market leader. With over AED 37B in balance sheet size as of December 31, 2024, representing a growth of nearly 3x Year-on-Year (YoY), Wio has emerged as a leading example of how digital-first, customer-focused models can meet the needs of a modern customer base while reshaping the financial sector. 'Our solid 2024 results reflect our commitment to the UAE economy by supporting entrepreneurs and businesses across the country to build and scale. In just over two years, we have become the preferred bank for new businesses and one of the largest business banks in the UAE, with over 90,000 businesses choosing us. Our personal proposition has scaled significantly, providing customers a strong offering to build, manage, and grow their wealth on a centralized and empowering platform. We continue to build one of the fastest profitable franchises that delivered market-leading NPS of 74, setting the foundations for customer-centric innovative growth to come," states H.E. Salem Al Nuaimi, Chairman of the Board at Wio Bank PJSC. Wio's rapid ascent represents a decisive market shift, challenging established banking models while setting new standards for digital financial platforms worldwide. As traditional institutions navigate digital transformation, Wio has implemented an approach that has propelled it past established competitors. Jayesh Patel, CEO of Wio Bank PJSC, says: 'In 2024, we continued our trajectory of growth, offering customers seamless, empowering, and rewarding banking across both the business and retail franchise, adding over 140,000 customers during the year. We solidified our financial performance, generating over AED 800M in revenues and nearly AED 400M in post-tax profits." He continues: "We introduced several innovative business offerings allowing micro to large SMEs to use Wio as a platform to fuel their growth, including supply chain financing and credit products. Our personal banking app scaled significantly offering everything money in one place. We've expanded our wealth management capabilities, enabling customers to access UAE and US equities and ETFs, transfer existing portfolios to Wio, and invest in top cryptocurrency assets through secure channels—all managed from a single centralized app. We continue to invest in our capabilities to become the wealth-centric bank for our customers, enabling them to get the most out of managing their everyday money while building their wealth for a better tomorrow." Wio's success is powered by its platform banking approach, enabling seamless financial integrations across key industries. The bank has strengthened its ecosystem through strategic partnerships with healthTech, aggregators, payment and accounting platforms, while deepening engagement with mainland and Freezone trade licensing authorities to streamline banking for SMEs. Additionally, Wio has supported record numbers of local IPOs, providing individuals with seamless access to investment opportunities. These initiatives collectively drive financial inclusion and business growth across the UAE. "Our 2024 financial performance demonstrates the strength of our business model, scalability and operational efficiency," affirms Prakash Sunkara, CFO of Wio Bank. "Reaching over AED 37B (USD 10B) in balance sheet size represents a significant milestone in such a short timeframe for any bank. We've delivered this alongside a Year-on-Year deposit growth of over 200%, while maintaining an industry-leading cost-to-income ratio of 44%. Our revenue-mix is well balanced with nearly 45% of our total revenue earned through subscriptions and fees, while the other 55% is earned from net interest income. This reflects strong customer engagement and increased adoption across remittances, cards, and deposits. As a cloud-native digital platform, we continue to focus on costs and scalability resulting in a net profit of nearly AED 400 million. These metrics place us among the most efficient and profitable banking operations in the region." The bank's exceptional performance underscores the UAE's progressive regulatory framework and national vision, demonstrating how forward-thinking policies enable market-changing outcomes with global significance. About Wio Bank PJSC: Wio Bank PJSC, the Middle East's first digital financial platform, is reimagining banking for individuals and businesses. Headquartered in Abu Dhabi and backed by strategic investors including ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB), Wio combines cutting-edge technology with a human-centric approach to deliver seamless, personalised financial solutions. For personal banking, Wio offers smart tools and insights to help users take control of their finances, enabling them to save, spend, and grow with ease. For businesses, Wio goes beyond traditional banking by providing entrepreneurs and SMEs with a comprehensive digital platform designed to streamline operations, unlock growth opportunities, and simplify financial management. Wio is redefining the banking landscape as a market leader in Banking-as-a-Service (BaaS) and embedded finance, delivering innovative solutions that empower people, businesses, and communities with the infrastructure they need to access long-term wealth creation. By offering an end-to-end, frictionless digital platform for both retail and business customers, Wio is disrupting traditional banking models, creating operational efficiencies, and unlocking value-added services through a transparent, personalized customer experience. Wio Bank's commitment to innovation has been widely recognized, being named '#1 Fintech in MENA' by Forbes Middle East and 'Digital Bank of the Year' at both the E-Business Awards 2024 and Tech Innovation Awards 2024. The bank has also received 'Best Retail Banking Digital App Experience' award, 'SME Bank of the Year' award, and 'Intelligent Banking and Finance Implementation' award. Additionally, Wio's leadership excellence was acknowledged with inclusion in the Top 34 GCC Banking CEO Power List 2024 by Finance Middle East. For more information, visit
Khaleej Times
16-02-2025
- Business
- Khaleej Times
UAE: Short-term job displacement to lead to reinvention as AI shapes GCC banking
The GCC banking sector is navigating a pivotal transformation as artificial intelligence (AI) disrupts traditional workflows, displacing routine roles while creating demand for tech-driven expertise. With the UAE spearheading innovation, economists warn of short-term labour market turbulence but emphasise long-term gains in productivity, customer experience, and economic diversification. The UAE's ambition to achieve a 90 per cent cashless economy by 2026 has turbocharged AI adoption. Digital wallets like Aani and neobanks (Wio, Yap) dominate, with 50 per cent of UAE customers using digital-only services. Wio alone captures one-third of new SME accounts, leveraging AI for real-time financial analytics. To mitigate displacement, the UAE is investing heavily in reskilling. Emirates NBD's digital upskilling initiative, endorsed by CEO Shayne Nelson, trains employees in AI management and data literacy. The government has allocated $135 million to AI education programs, including partnerships with Mohamed bin Zayed University of Artificial Intelligence. 'Our goal is adaptation, not displacement,' says UAE AI Minister Omar Sultan Al Olama. AI's rapid adoption is reshaping hiring strategies. A PwC report estimates 55 per cent of GCC banking roles — particularly in customer service, compliance, and back-office operations — could be automated within a decade. RAKBANK's AI chatbots now resolve 85 per cent of routine inquiries without human intervention, while Emirates NBD uses machine learning to cut loan approval times by 70 per cent. Goldman Sachs' recent deployment of its 'GS AI assistant' for 10,000 employees — tasked with email summarisation, code translation, and document proofreading — mirrors regional trends. 'In 3–5 years, AI could blur lines between human and machine roles,' predicts Goldman CIO Marco Argenti. Globally, Bloomberg Intelligence warns 200,000 banking jobs may vanish by 2030, with repetitive tasks at highest risk. In the GCC, 80 per cent of recruiters anticipate AI-driven workforce shifts, per regional surveys, with 19 per cent expecting over half of HR tasks — like candidate screening — to be automated. 'AI won't replace jobs but transform them. Administrative roles will shrink, freeing professionals for strategic work,' argues Mira Nasser, a UAE-based L&D lead. Globally, the World Economic Forum projects AI will create 97 million jobs by 2025, including roles in AI training, cybersecurity, and ethical governance — fields the UAE is prioritising. 'Skilled workers who embrace AI integration will thrive,' notes economist Omar Fadhel. McKinsey & Company estimates AI could boost banking productivity by 40 per cent by 2030, with GCC banks already reporting fewer errors in fraud detection and faster credit decisions. 'AI slashed our 'time to decision' for loans from days to hours,' says Suvo Sarkar, CEO of Dubai-based 3D Advisory. However, ethical concerns persist. The IMF warns 40 per cent of global jobs face disruption, while biased algorithms and cybersecurity vulnerabilities threaten trust. "AI adoption must be responsible. Regional collaboration on regulation is critical,' urges Dr. Ayman El-Sherbiny of the UN's Economic and Social Commission for West Asia. The GCC's AI transition is irreversible. Open banking frameworks and AI-driven analytics are projected to deliver a $320 billion economic boost to the Middle East by 2030, with the UAE contributing $96 billion. Saudi Arabia expects AI to account for 12 per cent of GDP by 2030, while the IMF forecasts a 35 per cent GDP surge for the UAE. Yet human skills remain irreplaceable. 'AI lacks emotional intelligence and creativity — cornerstones of client relationships and innovation,' says Abu Dhabi HR strategist Shamma Hazza. Hybrid roles blending technical and soft skills are emerging, with demand rising for 'AI translators' who bridge tech and business teams. The GCC banking sector's AI journey underscores a universal truth: disruption breeds reinvention. While traditional roles decline, institutions like Emirates NBD and Wio Bank exemplify how strategic reskilling and customer-centric innovation can turn challenges into opportunities. As Sarkar notes, '2025 will separate winners from observers. The future belongs to those merging human ingenuity with AI's precision.'
