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UAE’s Central Bank Gives Green Light to Launch Digital Bank

The Central Bank of UAE is working on plans to launch the beta version of the Wio platform in the first quarter of 2022 in Abu Dhabi (WAM).
The Central Bank of UAE is working on plans to launch the beta version of the Wio platform in the first quarter of 2022 in Abu Dhabi (WAM).
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UAE’s Central Bank Gives Green Light to Launch Digital Bank

The Central Bank of UAE is working on plans to launch the beta version of the Wio platform in the first quarter of 2022 in Abu Dhabi (WAM).
The Central Bank of UAE is working on plans to launch the beta version of the Wio platform in the first quarter of 2022 in Abu Dhabi (WAM).

The Central Bank of the United Arab Emirates has given the green light to a new digital banking platform known as “Wio” and backed by state holding company ADQ.

The bank will soon launch a beta version, initially targeted to small and medium-sized businesses (SMBs).

The total invested capital in Wio is 2.3 billion dirhams ($626.26 million) plus in-kind contribution.

ADQ and investment holding company Alpha Dhabi will own a combined 65 percent stake in the bank called "Wio".

Other shareholders are UAE's telecoms operator Etilasat, which will own 25 percent, and First Abu Dhabi Bank (FAB.AD), with a 10 percent stake.

“As part of our efforts to future-proof Abu Dhabi’s economy, we are committed to enhancing the financial services sector,” Mohamed Al Suwaidi, chief executive of ADQ, said.

“By delivering secure, transparent and seamless access to a cutting-edge, customer-centric digital banking platform, Wio’s unique business model will further strengthen the UAE’s digital economy that is already supported by robust infrastructure and progressive regulations," Suwaidi added.

“Our 850 million dirhams investment in Wio is part of the strategy we announced last December to invest in promising sectors within and outside the UAE,” Hamad Al Ameri, managing director, and chief executive of Alpha Dhabi, said.

“Building on our FinTech portfolio, the Wio partnership is part of our strategy to meet growing consumer demands with 360-degree products and services that enhance their daily digital lives,” according to Khalifa Al Shamsi, chief executive of Etisalat Consumer Digital.

Hana Al Rostamani, Group CEO, First Abu Dhabi Bank (FAB), added that the launch of Wio will bring “a new and innovative approach to banking”.

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19 Migrants Found Dead by Italian Coastguard off Lampedusa

Hellenic coast guard performs SAR operation, following migrant's boat collision with coast guard off the Aegean island of Chios, near Mersinidi, Greece, February 4, 2026. REUTERS
Hellenic coast guard performs SAR operation, following migrant's boat collision with coast guard off the Aegean island of Chios, near Mersinidi, Greece, February 4, 2026. REUTERS
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19 Migrants Found Dead by Italian Coastguard off Lampedusa

Hellenic coast guard performs SAR operation, following migrant's boat collision with coast guard off the Aegean island of Chios, near Mersinidi, Greece, February 4, 2026. REUTERS
Hellenic coast guard performs SAR operation, following migrant's boat collision with coast guard off the Aegean island of Chios, near Mersinidi, Greece, February 4, 2026. REUTERS

The bodies of 19 migrants were recovered from a boat off the coast of Lampedusa on Wednesday by the Italian coastguard, the island's mayor told AFP.

Mayor Filippo Mannino said seven other migrants, including two children, were being treated for "hypothermia and intoxication from hydrocarbon fumes".

The coastguard rescue was staged some 135 kilometers (85 miles) off the Italian island, according to news agency ANSA.

The coastguard did not respond to AFP requests for information.

The rescue operation occurred in the early hours of Wednesday inside Libya's search-and-rescue zone, ANSA reported.

"All are believed to have died of hypothermia," wrote the agency, which cited strong winds, rain, and temperatures of 10C, in the area.

Lampedusa is a key landing point for migrants crossing the Mediterranean Sea from North Africa, with many dying trying the dangerous journey.

So far this year, 624 migrants have died or gone missing in the central Mediterranean, according to the UN's International Organization for Migration.

Lampedusa's last migrant disaster occurred in August last year, when 27 people died in two shipwrecks off the coast.

According to the interior ministry, 6,117 migrants have landed on Italy's shores so far this year.

Business

Dollar Falls for Second Day as Middle East Ceasefire Expectations Rise

US dollar bills (Reuters)
US dollar bills (Reuters)
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Dollar Falls for Second Day as Middle East Ceasefire Expectations Rise

US dollar bills (Reuters)
US dollar bills (Reuters)

The dollar dropped for a second day on Wednesday as expectations of a ceasefire in the Middle East conflict grew after the US signalled that an end to the war could be near, even though markets remained on edge on fears of escalation.

The White House said US President Donald Trump would address the nation "to provide an important update on Iran" at 9 p.m. EDT on Wednesday (0100 GMT on Thursday).

Trump said on Tuesday the US could end its military campaign against Iran within two to three weeks, while Secretary of State Marco Rubio told Fox News Washington could see the "finish line" in the Iran war, according to Reuters.

Expectations that a ceasefire could be near have reversed some of the most popular trades since the war began in late February.

The yen recovered from this year's low of 160.46 per dollar, moving back through the psychologically important 160 level that had fanned concerns about intervention by Japanese authorities. The euro hit its highest level in a week.

The dollar index, which measures the currency against a basket of currencies including the yen and the euro, was last down 0.3% at 99.456, slipping to a one-week low after a 0.65% fall on Tuesday.

"Markets are increasingly buying into the notion of de-escalation in the Middle East overall," said Kirstine Kundby-Nielsen, FX analyst at Danske Bank.

"Markets are optimistic. We're seeing some relief with rates going lower, equities going higher and the price action in euro-dollar reflects that quite well."

The euro edged up 0.5% versus the dollar to $1.1603, after rising 0.8% on Tuesday.

The Japanese yen was up 0.1% at 158.46 per dollar. Sterling strengthened 0.7% to $1.3313.

At the same time, there were still signs of escalation in the conflict.
US Defense Secretary Pete Hegseth said the next few days in the war against Iran would be decisive and warned Tehran that the conflict would intensify if it did not make a deal.

The dollar should remain supported by the Fed's cautious stance on rate cuts, while the yen is being underpinned by rising expectations of a Bank of Japan hike in April, said Sho Suzuki, market analyst at Matsui Securities.

"We may see a tug-of-war between dollar strength and yen strength, with USD/JPY trading sideways in the upper 150s," he said.

The Australian dollar strengthened 0.7% to $0.6946. New Zealand's kiwi strengthened 0.4% to $0.5770.

Business

Oil Slides as Middle East Uncertainty Keeps Markets on Edge

Concerns are growing in Europe about an economic recession as oil prices rise (Reuters)
Concerns are growing in Europe about an economic recession as oil prices rise (Reuters)
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Oil Slides as Middle East Uncertainty Keeps Markets on Edge

Concerns are growing in Europe about an economic recession as oil prices rise (Reuters)
Concerns are growing in Europe about an economic recession as oil prices rise (Reuters)

Oil reversed earlier gains on Wednesday as uncertainty over the situation in the Middle East unnerved markets and US President Donald Trump again suggested the US-Israeli war with Iran could be nearing an end.

The front-month Brent contract for June fell $1.06, or 1%, to $102.91 per barrel at 1106 GMT, having dropped to a session low of $98.35. US West Texas Intermediate crude futures for May slipped $1.44, or 1.4%, to $99.94 per barrel, after falling to $96.50 earlier.

Prices rose earlier on Wednesday but then uncertainty over the Middle East conflict prompted investors to lock in gains.

"Oil prices fell after US President Trump signalled a potential end to the war with Iran," ING said in a report.

Oil supply disruptions from the Middle East will increase in April and will hit Europe as the closure of the Strait of Hormuz hits exports further, International Energy Agency head Fatih Birol said on Wednesday.

Brent futures for June delivery settled down more than $3 on Tuesday following unconfirmed media reports that Iran's president was ready to end the war.

Trump told reporters on Tuesday that the US could end the military campaign within two to three weeks and that Iran does not have to make a deal to end the conflict, his clearest declaration yet that he wants to wind down the month-long war.

Still, analysts expect that energy flows through the Strait of Hormuz would be slow to return to levels before the conflict even if a ceasefire were announced.

"Even if the Strait reopens, clearing the vessel backlog would take time, with production, exports and LNG flows normalising only gradually rather than immediately," ING said.

According to a Wall Street Journal report, Trump has indicated he could end the war before reopening the Strait of Hormuz, the route through which 20% of global oil and liquefied natural gas trade flows.

"Even with diplomatic channels reportedly still active and intermittent comments from the US administration predicting a short end to the conflict, the combination of limited tangible diplomatic progress, continued maritime attacks and explicit threats against energy assets keeps supply risks skewed to the upside," LSEG analysts said in a note.

Illustrating the impact of the closure of the Strait of Hormuz, crude oil output from the Organization of the Petroleum Exporting Countries dropped by 7.5 million barrels per day in March compared with the previous month, as producers were forced to cut output because storage is full.

US crude oil output also fell, dropping by the most in two years in January after a severe winter storm knocked production offline, data from the Energy Information Administration showed on Tuesday.