UAE neobank Wio hires Salem Al Nuaimi as chair and Jayesh Patel as CEO
New UAE digital banking platform Wio, which is seeking to “reboot banking”, has appointed Salem Al Nuaimi as chair of its board and Jayesh Patel as CEO.
The hires at Wio – which was announced in February – follow the neobank’s licence approval by the Central Bank of the UAE.
Al Nuaimi brings experience from a number of financial services leadership roles, including serving as a board member of Abu Dhabi Holding Company (ADQ) and as managing director of Abu Dhabi Pension Fund.
Abu Dhabi-based Wio is jointly owned by ADQ, Alpha Dhabi, Etisalat and First Abu Dhabi Bank (FAB). Between them, the group stumped up AED 2.3 billion worth of capital to fund the new digital banking player.
Al Nuaimi will be tasked with making the platform the go-to choice for businesses and individuals in the UAE, as “the banking industry grows to adapt to the ever-changing needs of customers”.
CEO Patel, who will be leading Wio’s strategic growth, has experience building digital banking solutions having led the creation of UAE digital lifestyle bank Liv.
Patel says: “As an open platform, Wio will partner with local and global providers to facilitate access to tools and services that will support our customers’ life ambitions.”
Wio’s open platform will integrate third-party financial tools and services, teaming up with other fintech start-ups to deliver digital banking experiences.
The first offering, Wio Business, is targeted at SMEs, entrepreneurs and freelancers, providing them with a suite of business banking and financial management solutions.