When Stars Connect: How MyZoi Is Driving Financial Inclusion Through Human-Centered Fintech Solutions "The real challenge is adoption—a deep mistrust of digital financial services."
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At Expand North Star 2025, Entrepreneur Middle East joined forces with the Dubai Chamber of Digital Economy (DCDE) to present the When Stars Connect podcast — a series spotlighting the innovators shaping the future of Dubai's digital economy.
One of those voices: Syed Ali, CEO of MyZoi, a fintech built to serve the world's underbanked and unbanked.
Why MyZoi Started: Tackling Financial Exclusion
MyZoi's story traces back five years to field research in Bangladesh and India, where the team confronted the scale of financial exclusion. "Roughly a third of the world—about a billion people—is underbanked or unbanked. That creates a massive barrier to social progress and participation in the economy," said Ali.
What began as an insight became a mission: build products that help people progress, while sustaining a viable business model for long-term impact.
Access Isn't the Issue—Trust Is
Contrary to expectation, smartphone access and connectivity weren't the primary blockers—especially in the GCC.
"People have phones, data, social media. The real challenge is adoption—a deep mistrust of digital financial services," Ali explained.
For many low-income workers, cash is tangible and treasured. Typical behavior looked like immediate salary cash-out and physical remittance through informal networks. MyZoi set out to change such patterns; not just provide access.
Design + Education: Driving Adoption the Right Way
From day one, MyZoi paired human-centered product design with a Money Data Financial Literacy program delivered in-app, on social, and via in-person workshops.
"In just over a year live, we're seeing ~50% adoption and strong repeat usage—a sign that design and education move the needle together," notes Ali.
Why Dubai Works: A Progressive Testbed
Dubai offers a rare mix: pro-innovation regulation, digital and physical infrastructure, global connectivity, and unmatched demographic diversity—ideal for testing and iterating.
"There's no place like Dubai right now. Regulators are progressive, the ecosystem is connected, and you can learn fast with real users."
Founder's Lens: From Banker to Builder
Ali brings 25+ years in banking to MyZoi, including corporate and venture experience, plus decades living in the UAE and observing the daily realities of the underbanked.
"I've seen how hard they work, how much they remit, and the responsibility they carry. That personal connection fuels our commitment."
Roadmap: Cashless, Frictionless and Still Human
MyZoi is focused on the UAE today, with a view to expand across the GCC. The north star: a comprehensive platform for underserved users, ayments, savings, remittances, protection—so they can reduce reliance on cash, build a financial footprint, and plan for the future.
"The future of money is about removing friction. You shouldn't think about payments—you should think about living your life."
Advice to Founders
"Grit and the ability to be boring when it matters," Ali smiles. "Stay the course. Pick differentiated problems with room to play, then execute patiently even through the unglamorous parts."
Watch More from When Stars Connect
Explore more founder stories from the When Stars Connect Podcast Series, powered by the Dubai Chamber of Digital Economy and Entrepreneur Middle East:
