Wio Bank, UAE’s online bank and Fuze, a digital assets infrastructure provider, have partnered to empower Wio Bank customers with virtual assets trading services.
Customers will be able to buy and sell popular cryptocurrencies such as Bitcoin and Ethereum, directly through Wio Bank’s recently launched application, Wio Invest.
Wio Invest is an intelligent everyday banking application redefining the way individuals see, manage, and grow their money. The banking application allows all customers to start investing simply and effortlessly. Wio users can access thousands of global stocks, ETFs, fractional shares and even UAE IPOs seamlessly in a single, integrated app.
The agreement was signed at a ceremony at Wio Bank’s Headquarters in Abu Dhabi, solidifying the commitment of both entities to pioneer innovative solutions in the fintech landscape.
Jayesh Patel
Speaking about the significance of the partnership, Jayesh Patel, CEO of Wio Bank PJSC, said:
“The region is emerging as an important hub for cryptocurrency and there is a demand from customers for convenient, seamless access to crypto trading services integrated within their daily banking apps. As a business that was created to catalyze the digital banking ecosystem, we are excited at the opportunities this collaboration with Fuze provides, to better serve our customers and support the UAE’s forward-thinking transformation of the financial services sector. Fuze mirrors our own robust governance, compliance, and risk capabilities, so our customers can be confident in having secure access to Virtual Assets.”
Mohammed Ali Yusuf
Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, said:
“As a regulated provider, we are proud to partner with Wio Bank, which has already made tremendous strides in redefining banking for the modern era across the region. There is a clear synergy with our mission to build the future of finance and we look forward to supporting Wio Bank in delivering regulated, trusted crypto services to its flourishing customer base.”
The collaboration between two thriving, homegrown Abu Dhabi fintech companies, is underpinned by the clear regulation and guidance provided by the UAE’s regulators.
In this way, the digital assets ecosystem can continue to build trust. The region is the fastest growing digital assets hub in the world, but a recent UAE poll suggested 48% of crypto users lacked trust in crypto exchanges. Through such partnerships, neobanks can provide regulated options for their customers and help to increase trust in the crypto ecosystem.
Fuze allows financial institutions to manage their Virtual Assets services, including risk and compliance reporting, through a proprietary, simple interface known as a Digital Asset Management System (DAMS). It enables banks to operate in the Virtual Asset economy without the need to build their own in-house virtual assets capabilities.
Both Wio Bank and Fuze are participating in Abu Dhabi Finance Week, one of the biggest weeks in the regional financial calendar. The event is bringing together more than 10,000 financial leaders from across the globe.
Fuze is exhibiting at the Hub71-sponsored booth in North Plaza on 29th November, 2023.
Featured image credit: Jayesh Patel, CEO of Wio Bank PJSC and Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze
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