Apparel Group and myZoi Forge Partnership to Drive Financial Inclusion for Over 4,000

AL GARHOUD, UAE - May 7, 2024 - PRLog -- In a significant announcement made at the Dubai Fintech Summit, Apparel Group, a leading global fashion and lifestyle retail conglomerate, and myZoi, a pioneering fintech incubated at SC Ventures, unveiled a strategic partnership set to redefine financial inclusion for low-income employees. This collaboration will deliver advanced digital payroll solutions and comprehensive financial literacy programs, directly benefiting over 4,000 employees of Apparel Group. The initiative was jointly announced by Syed Muhammad Ali, CEO of myZoi, and Neeraj Teckchandani, CEO of Apparel Group, marking a major step forward in leveraging financial technology to enhance workforce empowerment.

MyZoi, which has secured crucial licensing from the Central Bank of the UAE, including Stored Valued Facilities, Retail Payments Services, and Card Schemes licenses, is positioned to dramatically improve financial access and education for Apparel Group's employees. This partnership not only addresses immediate payroll processing efficiencies but also aims at a broader impact, including improved financial wellbeing and security for a significant segment of Apparel Group's workforce.

Neeraj Teckchandani, CEO of Apparel Group, said: "As leaders in the retail sector, we recognize our responsibility to not only drive business success but also foster substantial social change. This partnership with myZoi represents a transformative leap towards creating a more financially inclusive ecosystem. By equipping our team with essential financial skills and tools, we are investing in their future, ensuring they have the opportunities and resources necessary to prosper. We are proud to lead the charge in this critical aspect of social sustainability, aiming to inspire and ignite similar initiatives across industries."

Syed Muhammad Ali, CEO of myZoi said: "We're thrilled to welcome such a reputable and purpose driven partner on board who shares our mission of bringing simple, affordable, and safe financial solutions to employees that are under or unbanked. We're excited to work on this agenda together and extend our financial solutions to Apparel's employees and their families as we work together toward implementing the solution in the near future".

The partnership reinforces Apparel Group's commitment to its Environmental, Social, and Governance (ESG) goals, specifically focusing on enhancing economic inclusion and setting industry benchmarks in social responsibility through innovative financial technology

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