Financial giants like Standard Chartered continue to venture further into the cryptocurrency industry through several key initiatives including the recent release of an all-inclusive digital wallet by MyZoi.
MyZoi is a fintech firm based in Dubai backed by SC Ventures and SBI Holdings. The two financial institutions have previously partnered with Ripple to enable blockchain-based transactions.
The recent move by the fintech to launch an all-inclusive wallet has led to chatter that SC Ventures and SBI Holdings are launching a crypto wallet in the traditional banking industry.
The development also comes amid the growing use of the Ripple blockchain. The RippleNet framework is used by financial institutions such as SBI and SC Ventures, to integrate their offerings into the blockchain space.
SC Ventures-Backed MyZoi Launches A Digital Wallet
MyZoi secured $14 million in funding in a raise led by SC Ventures and SBI Holdings. Furthermore, the fintech has a solid presence in the UAE after securing two regulatory licenses from regulators in the region.
While commenting on the development, the company’s CEO, Syed Muhammad Ali, noted that the fintech was the first to offer personalized and affordable financial solutions to underbanked populations.
The executive further noted that the digital wallet will also meet the needs of corporates to digitize the payroll. Furthermore, corporates will also achieve their environmental social governance (ESG).
The MyZoi digital wallet also seeks to lower remittance fees for underbanked employees. It also seeks to allow users to transfer money to up to five people. This feature guarantees that the platform can provide financial inclusion and boost financial literacy for underbanked employees across the UAE.
At the time of releasing the wallet, MyZoi noted that its partners and corporates had welcomed the digital asset solution. The fintech is also planning to work alongside other like-minded firms to have a positive impact on the future.
While commenting on the development, MyZoi’s Board Chair, Rola Abu Manneh, opined that the digital wallet would introduce real change and have a positive social impact. He further stated that some solutions from this offering include financial education and affordable fund transfer.
Manneh stated,
We’re thrilled to see our homegrown startup, backed by SC Ventures, launch a digital wallet and tailored financial solutions specifically for the underbanked and their families.
MyZoi’s Expansion in Dubai
MyZoi is among the digital-savvy firms that have achieved a significant presence in Dubai. The fintech obtained two licenses from Dubai regulators including the Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) Category II licenses from regulators in the country.
The fintech also recently secured a partnership deal with UAE retail conglomerate Apparel Grpip to bring financial inclusion to more than 4,000 employees.
