UAE-based fintech Zywa has entered a new strategic partnership with Mastercard as it looks to enable its Gen Z user base to save towards their financial goals, send and receive money, split the bill with friends, pay bills and shop online.
Zywa provides those aged 10 to 25 with a community-based app and a card to support them in managing their money. Abu Dhabi’s global tech ecosystem, Hub71, initiated the partnership with Mastercard. Hub71 provides support to startups with commercial opportunities through a broad network of corporate and government partners.
Zywa will also look to support teenagers under the age of 18 by enabling their parents to transfer money into their children’s accounts. The payments app also provides oversight on their spending and saving habits, to help them build their financial literacy.
The app also aims to change how young people learn about money with a hands-on approach that traditional classrooms are not able to offer. Zywa is currently live in the UAE and has revealed plans to launch in other markets soon, including the likes of Egypt, as well as Saudi Arabia. It also boasts raising a total of $4million to date, receiving funding from investors – both locally and from across the globe.
Simplifying ‘money management and foster financial literacy’
Alok Kumar, co-founder and CEO of Zywa, reacted to the significance of the partnership. He said: “Partnering with Mastercard marks a thrilling milestone in our journey towards revolutionizing finance for the next generation. Our vision is to simplify money management and foster financial literacy, and Mastercard’s invaluable support and capital backing will help us reach new heights.
“With Mastercard by our side, we’re proud to announce the launch of our Mastercard cards in the UAE, solidifying our position as the trusted payment solution for Gen Z and their families.
“Together, our ambition is to create the largest community of financially savvy individuals the region has ever seen. This strategic alliance provides us with a significant competitive advantage by leveraging Mastercard’s expertise and global network, giving us access to cutting-edge technology and expanding our reach to new markets and customers.”
Ngozi Megwa, SVP of digital partners and enablers in EEMEA at Mastercard, also commented on the partnership. Megwa said: “Zywa won the inaugural Mastercard Collaborate to Innovate Challenge 2022, which is designed for up-and-coming fintech startups submitting big and bold ideas across the EEMEA region.
“Therefore, our partnership is an exciting milestone in Mastercard’s efforts to create an inclusive, digital future for all with the platform going live in the UAE. By offering a seamless, smart money management system for the UAE’s youth, we are also supporting their financial education journeys and ensuring that the next generation is equipped with the right tools and resources to participate in the digital economy.”