Wio Bank and ADX partner to offer instant IPO subscriptions
By Delisha Fernandes
Wio Bank PJSC, has signed an agreement with Abu Dhabi Securities Exchange (ADX) to facilitate Initial Public Offering (IPO) subscriptions on ADX. This agreement allows Wio customers to instantly subscribe to UAE IPOs on ADX via Wio Bank’s upcoming personal banking mobile application.
This fully digital service is part of Wio’s commitment to delivering fast and seamless banking experiences to its customers, who will be able to instantly and digitally create a National Investor Number (NIN) on ADX and apply for IPO subscriptions on ADX in the UAE from their Wio Bank account without the hassle or paperwork.
Additionally, Wio customers can benefit from the option to apply for leverage at a competitive rate of up to five times the amount invested. This added leverage empowers customers to increase their allocation of shares in an IPO. Furthermore, Wio can instantly approve the leverage application using its innovative digital platform and deep customer insights.
Speaking of the partnership, Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, said: “We are pleased to have strengthened our cooperation with ADX to enhance our digital offerings to our customers further. The partnership has enabled us to streamline the process by removing the hassle of paperwork submission, providing our customers with immediate access to substantial investment opportunities through our upcoming personal banking application.”
Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said: “The agreement with Wio Bank enables us to further enhance our digital offering by providing investors fast and efficient access to IPO investment opportunities on ADX through Wio Bank’s digital banking application. The collaboration is an excellent example of our strategy to work with dynamic and innovative partners to support the financial ambitions of investors in their financial growth journey. ”
The company was created to reboot banking and catalyse the growth of the UAE’s digital economy. It is built around three main capabilities: digital banking apps, embedded finance, and banking-as-a-service solutions. Wio Business was the first banking application from Wio Bank to support and provide start-ups, freelancers, and SMEs with access to seamless, seamless and full digital banking services seamlessly while allowing them to scale with innovative beyond-banking services.
IBSi Daily News Analysis
September 27, 2023
Abu Dhabi Securities Exchange
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