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.