- The new Digital Walletenables underbanked employeesto transfer money home to up to five people for the cost of one, reducing remittance fees and enabling savings.
- The financial platform is tailored for underbankedemployees while offeringcorporates a safe, compliant, and fully digitized solution for payroll disbursal.
- myZoi is committed to supporting 6 out of 17 UN’s Sustainable Development Goals.
UAE, July 18, 2024 – myZoi, an innovative fintech focused on financial inclusion and financial literacy for the underbanked has launched the first inclusive digital wallet. This follows a successful fundraise of $14 million from SC Ventures and SBI Holdings and obtaining two regulatory licenses from the Central Bank of the United Arab Emirates (UAE).
“myZoi is thrilled to be the first fintech in the space to provide personalized andaffordable financial solutions for the underbanked. The power of technology enables us to innovate and reconnect banking with society’s needs, such as supporting financial inclusion and empowering the underbanked and their families”, said Syed Muhammad Ali, CEO of myZoi.“For corporates, myZoi enables digitizing payroll without altering their current processes while advancing corporates’ ESG’s social elements. myZoiseeks to support 6 out of 17 UN’s Sustainable Development Goals.”
myZoi’s Digital Wallet reduces remittance fees for underbanked employees. The UAE’s first “One-To-Many” transfer capability enables users to transfer money home to up to five people for the cost of one. myZoiis set to transform financial inclusion and financial literacy for the underbankedemployees in the UAE and their families by bringing theminto the formal financial ecosystem. It aims to make their daily transactional activities safe, convenient, and cost effective through a simple onboarding journey, domestic payment capabilities and instant fund transfers to their home countries.
myZoi also providesMoneyTips, an interactivegamified financial education programmewhich introduces concepts around responsible spending, sustainable budgeting, and safeguarding money.
Corporates and partners have warmly welcomed the payroll solution as myZoicontinues to collaborate with more like-minded organizations committed to make a positive impact on the future for underbankedemployees.
Derived from the Greek word Zoi, which means “life”, myZoi’s mission is to improve the lives of the underserved. By including theminto the formal financial ecosystem myZoiaims to createopportunities for their families to access better education, healthcare, and save toward building a better future.
myZoi has received the Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) Category II licenses from the Central Bank of the UAE. More recently, myZoi partnered with Apparel Group, one of the UAE’s largest retail conglomerates, to redefine financial inclusion for over 4000 of their employees.
“We’re thrilled to see our homegrown startup, backed by SCVentures, launch a digital wallet and tailored financial solutions specifically for the underbanked and their families,” said Rola Abu Manneh, Chair of the Board, myZoi, and CEO of Standard Chartered, UAE, Middle East, and Pakistan. “This innovation brings real change and social impact, providing practical solutions like affordable fund transfers and financial education.”
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Additional resources
For further information:
Asmik Akopyan
Head of Brand and Marketing
E-mail: [email protected]
About myZoi
myZoi is committed to promote financial inclusion of every underbanked individual globally through tailored financial services, elevating their living standards over time. Headquartered in the UAE, myZoi is a wholly owned subsidiary of Standard Chartered Bank and a fintech backed by SC Ventures – the Bank’s innovation, fintech investment and ventures arm.
SC Ventures
SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models. For more information, please visit www.scventures.io and follow SC Ventures on LinkedIn.
Standard Chartered
We are a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
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