Jayesh Patel has been selected as one of the Top 34 GCC banking CEOs 2024.
Patel is the CEO of Abu Dhabi-based digital banking platform, Wio Bank PJSC. He is focused on shaping the platform bank as an intelligent financial partner for businesses and customers, with an open platform providing solutions in three main areas: digital banking apps, embedded finance and banking-as-a-service solutions.
Patel has spent 14 years in the fintech sector, motivated by a vision to digitise growth and consolidate services to simplify banking for everyone. His career includes roles at Deloitte and IBM in the US, where he worked with Fortune 500 clients to innovate and develop digital solutions. He played a key role in the launch of Liv. by Emirates NBD, overseeing the establishment of its online finance ecosystem.
Prior to his work at Liv, Patel was Head of Retail Strategy at Emirates NBD. In this capacity, he led initiatives to digitise essential customer services and processes. He is also a member of the angel investment community in the Middle East and North Africa.
Wio is the first platform bank in the region aimed at transforming banking and creating new opportunities for customers. Based in Abu Dhabi, the neobank is owned by Abu Dhabi Development Company (ADQ), Alpha Dhabi Holding, e& and First Abu Dhabi Bank (FAB).
For the fiscal year 2023, Wio reported revenue of AED 266.4 million ($72.53 million) and a net profit of AED 2 million ($544,514), marking its first full year of operations with profitability since its launch in September 2022. This achievement is significant, as Wio Bank has become one of the fastest neobanks globally to reach profitability while maintaining a focus on customer innovation. Customer deposits have exceeded AED 11 billion ($2.99 billion), reflecting the increasing trust and adoption of Wio’s services.
“As we shape the future of banking, we remain focused on continuous innovation and developing advanced solutions to meet the dynamic needs of tomorrow’s customers”
Jayesh Patel
This growth underscores Wio Bank’s commitment to providing banking solutions that support businesses of all sizes. Speaking about the significance of the bank’s early profitability, Patel said, “Our ability to achieve profitability in our first full year is a monumental milestone that highlights our industry leadership and commitment to transparency.”
Wio has successfully launched its products locally and has recently received several accolades, including “MENA Digital Bank of the Year,” “Best Neobank-UAE,” “Best Digital Bank Newcomer” and “Most Innovative Mobile Banking App-UAE.”
