By At the recent FinTech Accelerator Programme, several innovative start-ups showcased their solutions to various financial challenges. Among them, Planet 9, founded by Tajikistan national Bobur Murvatov, and Ezyrent, spearheaded by Charlie Berbari, stood out for their unique offerings aimed at democratizing loans for migrant workers and facilitating split rent payments for Dubai residents, respectively.
Planet 9: Loans for Migrant Workers
Founder and Concept:
Bobur Murvatov, inspired by his observations and personal experiences in Tajikistan, founded Planet 9. Recognizing the difficulties faced by migrant workers in securing loans, he aimed to create a solution that would provide small amounts of capital to these individuals, repayable through their salaries.
Challenges Faced by Migrants:
- Tajikistan has around two million migrants who contribute significantly to the remittance-dependent economy.
- Many migrant families remain unbanked, making it challenging to secure loans or other financial products.
- Migrants often lack credit histories, disqualifying them from conventional lending options.
Product Offering:
Planet 9’s flagship product in the UAE, “Send Now Pay Later” (SNPL), addresses these challenges by streamlining the loan process for migrants. By uploading their Emirates ID, migrants can quickly access their financial information. Using AI models, Planet 9 determines loan eligibility and offers short-term loans for up to three months.
Market Potential:
- The UAE has a remittances market worth approximately Dh50 million.
- With eight million migrants in the UAE, there’s significant interest in products like SNPL.
- The product aims to prevent migrants from falling prey to loan sharks.
Ezyrent: Split Rent Payment App
Founder and Concept:
Charlie Berbari’s Ezyrent app, an evolution of his MBA project, aims to address the rising rent costs in the UAE by allowing tenants to split their yearly rent into monthly installments.
Market Need:
- The UAE saw a 36% increase in rents last year, making it difficult for many residents to manage one-cheque payments.
- One-cheque payments have become standard, further straining tenants’ finances.
Product Offering:
Ezyrent provides a 12-month payment solution for rent, coupled with rental insurance to cover rent payments even if tenants lose their jobs. This approach offers financial flexibility and security to renters.
FinTech Accelerator Programme Highlights
Programme Success:
- The Dubai International Financial Center (DIFC) Innovation Hub’s accelerator programme has been pivotal since its inception, graduating over 200 companies and facilitating more than $600 million in funding.
- This year’s programme showcased 19 companies, offering start-ups a platform to pitch their ideas to investors, corporates, and government officials.
Key Figures:
- Mohammad AlBlooshi, CEO of the DIFC Innovation Hub, emphasized the programme’s role in fostering innovation and success stories like Sarwa and XYA.
- The event featured pitches, exhibitions, fireside chats, and panel discussions, providing a comprehensive platform for interaction and partnership opportunities.
Conclusion
The FinTech Accelerator Programme continues to drive innovation in Dubai’s financial sector. Start-ups like Planet 9 and Ezyrent exemplify the creative solutions emerging from this initiative, addressing critical financial challenges faced by migrant workers and residents in the UAE. With the support of DIFC and a conducive environment for innovation, these start-ups are set to make a significant impact on the financial landscape of Dubai and beyond.
