A FinTech startup called NOW MONEY founded by Katherine Budd and Ian Dillon has been launched with the aim of providing expat workers, especially in the Middle East, who don’t have access to banking services with direct access to a bank account, debit card, as well as remittance from their proprietary app and service centre.
Not only does it provide financial inclusion to those with no access to banking services, but it also has a low remittance fees in comparison to other conventional methods. “Given the average salary, living expenses in Dubai and remittance fees paid of a typical NOW Money user, we estimate a saving of AED1700 a year with NOW, in comparison to exchange houses,” says Katherine Budd. She also adds that users are able to access multiple online exchange houses, and can select their preference based on the rate and services offered.
Budd and Dillon are currently negotiating with some large phone manufacturers so they offer exclusive deals in order to make smartphones affordable for such users.
Fintech startups, such as NOW MONEY has indeed proven to be helpful towards the society, including the underprivileged. It’s making the world a better place. Don’t you think?
To read more about NOW MONEY, click here.