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Friday, February 23, 2024

Possible Introduction of Remittance-Linked Loans and Split Rent Payment App in Dubai, UAE-1

Remittance-Linked Loans  As part of the Dubai International Financial Center (DIFC) FinTech Accelerator Programme, Planet 9, a neobank founded by Tajikistan national Bobur Murvatov, is set to receive funding. Planet 9’s mission revolves around providing loans to migrant workers based on their remittances. Bobur Murvatov’s personal experience and observations led to the establishment of Planet 9, targeting the challenge faced by migrant families in accessing funding and loans. The neobank’s upcoming product, “Send Now Pay Later (SNPL),” is poised to tap into the substantial remittances market in the UAE.

Ezyrent: Transforming Rent Payments in the UAE: Remittance-Linked Loans

Charlie Berbari’s Innovative Solution to Rising Rental Challenges

Charlie Berbari’s project, Ezyrent, has received support from the DIFC Accelerator Programme. Inspired by the escalating rental challenges in the UAE, Ezyrent addresses the prevalent trend of one-cheque rental payments by introducing a solution that allows users to split their yearly rents into manageable monthly installments. Berbari’s vision is to alleviate the financial strain on tenants grappling with soaring rents, offering a 12-month payment solution complemented by rental insurance to safeguard against potential job losses.

DIFC AccelerateHER Programme and Investor Day Highlights: Remittance-Linked Loans 

Showcasing Innovation and Entrepreneurship

The DIFC AccelerateHER programme culminated with an Investor Day, providing a platform for entrepreneurs to pitch their ideas to high-ranking officials from DIFC and industry partners. Mohammad AlBlooshi, CEO of the DIFC Innovation Hub, highlighted the program’s success, with over 200 graduated companies raising more than $600 million. This year, 19 companies graduated, showcasing innovative solutions and attracting investor interest. The event marked a testament to DIFC’s commitment to fostering FinTech innovation and supporting startups in the financial sector.

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