The launch follows a significant $14 million investment round led by SC Ventures and SBI Holdings. This funding will bolster myZoi's efforts to provide essential financial services to over five million migrant workers in the UAE and beyond. The company's mission aligns with the United Nations' Sustainable Development Goals, particularly in reducing remittance transaction costs and enhancing financial accessibility.
MyZoi's platform offers various services, including digital payroll solutions, money transfers, and financial literacy programs. The digital wallet is licensed by the Central Bank of the UAE under the Stored Value Facilities (SVF) and Retail Payment Services and Card Schemes (RPSCS) Category II. These licenses ensure that myZoi operates within a robust regulatory framework, providing safe and efficient financial services.
The concept for myZoi was developed by co-founders Christian Buchholz, Shanawaz Rouf, Nabid Hassan, Arsalan Siddiqui, and Syed Ali. Their collective vision is to leverage fintech innovation to address the financial challenges faced by migrant workers. Syed Muhammad Ali, CEO of myZoi, highlighted the transformative potential of the platform in fostering financial inclusion and reducing remittance costs to less than 3%, a key objective under the UN's SDG 2030.
The digital wallet also aims to improve the overall financial literacy of its users, equipping them with the knowledge to manage their finances better and make informed financial decisions. This initiative is part of myZoi's broader strategy to create a positive social impact by empowering underbanked individuals and their families.
The launch of myZoi is a significant milestone in the UAE's fintech landscape, reflecting the country's commitment to fostering financial inclusion through technological innovation. As myZoi prepares for its full commercial rollout, it aims to set a new standard for inclusive financial services in the region.
With this new digital wallet, myZoi is set to revolutionize the way migrant workers in the UAE access and manage their finances, offering them a reliable and accessible platform to improve their economic well-being and support their families back home.