Category: news-room
Weaker US dollar dents purchasing power and discretionary spending in Gulf
Send money home from the UAE without a bank using low-fee apps and prepaid cards. A weaker US dollar is weighing on the purchasing power of people in the Gulf region, denting discretionary spending and reducing international remittances, but is supporting regional tourism inflows, according to industry experts. On Tuesday, the dollar index fell 0.2 per cent at 11.56am […]
How to send money without a bank account in the UAE
Send money home from the UAE without a bank using low-fee apps and prepaid cards. Dubai: In the UAE, not everyone qualifies for a traditional bank account, particularly domestic workers, freelancers, new arrivals, and blue-collar employees who may not meet minimum salary requirements. But that doesn’t mean they’re shut out of essential financial services. International money […]
Banking on inclusion: How tech is reshaping financial access in the GCC
“Governments, regulators, fintech innovators, employers and civil society must work together to ensure that no one is left behind” – says MyZoi’s CEO. In the bustling cities and vast deserts of the Arab world, a quiet transformation is taking place, one that doesn’t always make headlines but has the power to change lives. It’s […]
Why financial literacy efforts must be inclusive to benefit Gulf migrant workers
Across the Gulf, low-income migrant workers form the foundation of national economies. They build our cities, keep essential services running and support households and businesses alike. Yet despite their contributions, they remain among the most financially vulnerable communities in the region. The issue is not simply low wages; it is the lack of access to financial education and services that […]
Galadari Brothers and myZoi sign pact to form new venture
Galadari Brothers, a UAE-based leading conglomerate, has entered into a strategic partnership with myZoi, a portfolio company backed by SC Ventures, which aims to advance financial inclusion, financial literacy, and digital innovation for its underbanked employees. The signing ceremony, held at the Galadari Brothers’ office, marked the official commencement of this partnership. The document was […]
MyZoi launches UAE’s first inclusive digital wallet
Championing social impact for the underbanked Press Release July 17, 2024 RELATED TOPICS TECHNOLOGY UAE – 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 […]
myZoi wants to make remittances less costly for migrant workers
Money sent home by migrant workers not only helps their families, but also enables entire economies to develop. But transferring money comes at a high cost to workers, with remittance fees averaging about 6.5%. MyZoi wants to cut fees by more than half, starting with the five million low-income migrant workers in the United Arab Emirates. MyZoi (which […]
myZoi x Gulf Business Q&A
Tell us about the inception of myZoi. What led to its creation? Christian Buchholz Co-founder and Chief Product Officer: During my role at SC Ventures in Singapore, I had the privilege of personally interacting with the underbanked and hearing about their families in their home countries such as Philippines, India, Bangladesh. The insights and experiences gained from […]
myZoi at Dubai Fintech Summit 2023
Watch this video to hear directly from myZoi’s leadership on what we’re building. – Enabling financial literacy and inclusion for the underbanked and their families. – Pushing boundaries of innovation and financial inclusion – enabling instant transfers for the underbanked. – Offering companies to advance the social pillar of ESG and much more. Speak to us on […]
Parallels between Sports and Entrepreneurship
myZoi is celebrating World Entrepreneurs Day with insights from Alex Manson as he speaks about what it takes to build great businesses – drawing parallels between 2 of his passions: endurance sports and entrepreneurship. Break hard and massive goals into smaller tasks. Tackle business with process, integrity, and discipline – as you would in sports. And remember, it’s not a sprint, […]