Furqan Kidwai, Co-Founder and COO at YPay Financial Services

Furqan Kidwai, Co-Founder and COO at YPay Financial Services

  • He is the co-founder and COO of YPay Financial Services.

 

Podcast

Overview

Warren Buffett has said, “Do not save what is left after spending, but spend what is left after saving.” He emphasizes saving as a key to growing one’s wealth. Who doesn’t want to grow wealth? But are we aware of the basics of saving and the power of investments? Do we discuss financial matters with our friends and family? Mostly, no. Lack of awareness is what keeps us from getting financially secure. Today, we discuss the issues of awareness and accessibility to investment opportunities in Pakistan. Our guest, Mr. Furqan Kidwai, co-founder of a financial investment platform, takes us through the challenges and changes the economy is going through.

[00:30] – About Furqan Kidwai

  • He is the co-founder and COO of YPay Financial Services.
  • It is a Fintech startup focussing on providing awareness and accessibility to a savings and investment platform.
  • He leads the operations and marketing departments of the startup.

[00:45] – What was the motivation to start this business?

  •  Back in my university days, I had the opportunity to take liberal arts courses outside my computer science major and also got a chance to study at Stanford University, opening my mind to newer ideas.
  •  My curiosity about investing took me to Karachi, Pakistan’s financial hub. It took me 15 days just to open one brokerage account. With the pandemic hitting at the same time, I found an opportunity for problem-solving.
  • Pakistan has the lowest investment GDP ratio in the world due to the lack of financial literacy.
  • In 2020, we got selected in the first regulatory sandbox to promote innovation organized by the Securities and Exchange Commission of Pakistan.
  • The mission of YPay Services is to create a financially able Pakistan by creating an easy and equal investment opportunity.

[06:13] – What is the range of financial services that you offer to the young people in Pakistan?

  • YPay is a combination of two things: an investment literacy platform and an investment accessibility platform.
  • We partner with universities, and small and medium enterprises, to raise awareness.
  • YPay is the first centralized digital distributor of mutual funds in Pakistan. Our platform has 14 asset management companies and aggregates all mutual funds there.

[08:27] – How are you ensuring asset management services to make them accessible to the young student population?

  • Our target is final-year students and early and mid-career professionals.
  • We also try to use social media to target the young population. For instance, Instagram for students and LinkedIn for young professionals.
  • Youngsters in Pakistan have money and want to invest. They are just unaware of the regulated investment avenues in Pakistan.

[10:30] – For young people in Pakistan, what are the challenges you are addressing from the perspective of investment through YPay?

  • Talking about financial literacy or personal finance is taboo in Pakistan. It is like they avoid imparting sexual education in the country.
  • In universities abroad, students are advised to save and invest early, so they can get early retirement with passive income.

[15:01] – Do you see, as the founder of YPay, Pakistan moving towards more and more digitization?

  • Pakistan is trying to follow in the footsteps of India when it comes to financial matters.
  • Just like UPI in India, we have Raast in Pakistan. It has received a positive response even in tier 2 and 3 cities of Pakistan.
  • Digitization is happening, but it will take time to reach the volume we dream of.

[21:52] – What are the three lessons you want our viewers and listeners to take away from your journey?

  • First is opportunities. You need to see an opportunity in every problem.
  • Second, you need to be passionate if you decide to solve a problem.
  • Third, is the importance of gratitude in this journey.

RESOURCES:

You can connect with Furqan Kidwai- LinkedIn

Visit – YPay Financial

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Profile

  • He is the co-founder and COO of YPay Financial Services.
  • It is a Fintech startup focussing on providing awareness and accessibility to a savings and investment platform.
  • He leads the operations and marketing departments of the startup.

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