Jayesh Patel on WIO Bank’s Vision for Entrepreneurs, SMEs

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00:00My name is Jayesh Patel, I'm the CEO of WIO Bank.

00:07We are the largest digital bank in the UAE and one of the best loved banks in the UAE.

00:14We are in the business of serving customers.

00:16It happens to be in banking.

00:18Our objective is to make sure our customers are more successful and everything we do is

00:24aligned to that.

00:25So our tagline is, WIO is born to back you, because that's truly why we're there.

00:31We want to back you, we want you to get ahead, whether it's on the personal side or the SME

00:35side.

00:36And we want you to succeed.

00:37So every product we build, every service we build, is targeted towards two things.

00:42One it's for the customer, two it's good for the customer.

00:45And I think that's how we differentiate ourselves in the marketplace.

00:48Yeah, look, I think SMEs and entrepreneurs build up every economy.

00:58I think the UAE, the government is incredibly supportive in building this space and continue

01:03to grow it.

01:06We want to make sure tomorrow's ideas are built here and the entrepreneurs around the

01:10world who have these dreams of building these amazing businesses come and set up shop here.

01:15One of the things they do need is a digital bank that understands their business, makes

01:21it easier for them.

01:23And we want to be that platform.

01:25We are very proud to bank a lot of the new companies that come and join in the UAE, we

01:30get a large market share of it.

01:33We just don't want to provide an account for customers.

01:36We want to be the operating platform.

01:39An SME or an entrepreneur starts a business with a dream.

01:42We don't want to spend as much time learning about banking.

01:45We want to make it super easy, super transparent.

01:48We want to make money when you make money and not when you make mistakes.

01:53So we have a different principle and we are super excited to support all the entrepreneurs

01:57in the UAE.

02:03Yeah, look, I think, you know, to be an entrepreneur, you need a few things.

02:07One is an ecosystem.

02:08If you look at the UAE, everything's digital.

02:12I think the government pushes a lot of digital capabilities.

02:15So if you have a digital concept, you already have an infrastructure that is super digital.

02:20Two, it's the hub of entrepreneurs.

02:22If you look around, everybody's here.

02:24Three, it's an incredibly optimistic society.

02:28So everyone's trying out new services, new capabilities.

02:32You want to start something, you want to go to a market where everyone's willing to try

02:36new stuff.

02:37So I think the ecosystem, the optimism that's there, and the fact that everyone's here,

02:44makes it the best place to be.

02:51You know, I get asked that question a lot.

02:54And at least from my learning, it's simple.

02:58If you have an idea, focus on the idea.

03:01It's super easy to get distracted.

03:04Focus on the idea.

03:05Believe in it.

03:06Make sure you're following the revenue streams.

03:09Make sure you're executing.

03:11Because if you don't do both of those, you might execute and get no money out of it.

03:16Or you have a great opportunity and there's no revenues behind it.

03:20But I often find focusing is super important because everything's changing so quickly.

03:27You need to be the master at what you do.

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