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.