As part of its FinTech Accelerator Program, the Dubai UAE International Financial Center (DIFC) will establish a neo bank that would lend money to migrant workers based on their remittances.
Started by a Tajikistani native named Bobur Murvatov, Planet 9 seeks to provide migrant workers with small loans that they can repay with their earnings. Bobur established the start-up based on his own insights and experiences. “On its own, Tajikistan provides two million migrants,” he told Khaleej Times. We are an economy dependent on remittances. Families of migrants continue to be largely unbanked. It is nearly impossible for them to obtain loans or assistance.
A number of businesses, including Planet 9, displayed their goods during the Investor Day, which highlighted the successes of the start-ups and young professionals that made the short list for this year. Company founders had two minutes during the event to present their concepts to senior DIFC officials as well as business partners. In addition, the event served as the program’s conclusion for DIFC AccelerateHER and included a number of panel discussions and fireside talks.
According to Bobur, the goal was to assist migrants in the nations where they are employed and to democratize the loan-giving capacity of immigrant families. He stated, “The majority of migrants don’t have a credit history.” “Most banking products and lending are not available to them.”
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