UAE’s myZoi launches financially inclusive digital wallet with “one-to-many” transfer capabilities
UAE-based fintech start-up myZoi has launched a financial inclusion-focused digital wallet complete with “one-to-many” transfer capabilities.
myZoi introduces new digital wallet service
Complementing the fintech’s existing payroll solution and digital remittance service, the digital wallet promises to reduce remittance fees for underbanked employees in the UAE by enabling transfers to up to five people for the price of one.
MyZoi, which was launched in 2022 and operates as a wholly-owned subsidiary of Standard Chartered Bank, says the wallet aims to make the daily transactional activities of recipients “safe, convenient, and cost effective through a simple onboarding journey, domestic payment capabilities and instant fund transfers to their home countries”.
The start-up’s ongoing commitment to financial inclusion and literacy is further supported by an interactive gamified financial education programme called MoneyTips, which it claims “introduces concepts around responsible spending, sustainable budgeting, and safeguarding money”.
These developments arrive ten months after myZoi secured a $14 million investment from Standard Chartered’s innovation and venture capital unit, SC Ventures, and a Japanese financial heavyweight, SBI Holdings.
The fintech is also bolstered by a Stored Value Facilities (SVF) licence and a Retail Payment Services and Card Schemes (RPSCS) Category II licence from the Central Bank of the UAE (CBUAE), which were obtained in conjunction with its latest round of funding.
Speaking on the launch of its digital wallet this week, CEO Syed Muhammad Ali claims myZoi is the first fintech to provide “personalised and affordable 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,” he continues.
“For corporates, myZoi enables digitising payroll without altering their current processes while advancing corporates’ ESG’s social elements. myZoi seeks to support six out of 17 UN’s Sustainable Development Goals.”
