SC Ventures–backed financial inclusion platform myZoi has announced a strategic partnership with Deem Finance to launch an Earned Wage Access (EWA) solution in the UAE, exclusively designed for low-income and underbanked workers. The new product enables eligible employees to withdraw a portion of their accrued salary ahead of payday, addressing short-term cash-flow needs without extending new credit.
A Strategic Partnership for Financial Wellness
The EWA solution is delivered through myZoi’s platform, with Deem Finance, part of the Gargash Group and regulated by the Central Bank of the UAE, acting as the liquidity provider. The partnership combines myZoi’s user-friendly fintech platform with Deem’s established financial infrastructure to deliver a well-governed and responsible service.
“Financial inclusion is most effective when it’s user friendly and well-governed to drive responsible adoption,” said Syed Muhammad Ali, CEO of myZoi. “This collaboration focuses on a specific pain point and addresses it with clear limits, automated payroll reconciliation, and a user experience that is fit for purpose for the underbanked.”
Chris Taylor, CEO of Deem Finance, added, “This partnership with myZoi demonstrates that financial transformation, when guided by empathy and integrity, can be both commercially viable and socially transformative. As the UAE continues its path toward a cashless, digital-first economy, Deem Finance aims to bridge inclusion with innovation, purpose with performance.”
Addressing a Key Market Need
In a market where a predominantly expatriate workforce is paid monthly and often supports families abroad through remittances, cash-flow timing is a significant challenge. The EWA product directly addresses this friction by providing controlled, on-demand access to wages already earned. Eligibility and withdrawal limits are determined using salary history and behavioral data, with automatic reconciliation from the subsequent payroll, preventing users from falling into a cycle of revolving debt.
A Holistic Inclusion Platform
Beyond its new EWA offering, myZoi provides a suite of features tailored to the UAE’s underbanked workforce. The platform offers a first-to-market Day-1 onboarding for new-to-country employees via passport through Emirates Face Recognition (EFR), enabling account activation from their first day of employment. Since its launch, myZoi has achieved digital adoption rates exceeding 50% in its first year, with an 80% repeat usage rate.
Complementing its product suite is myZoi’s multilingual “Money Tips” financial literacy program, which has generated over 33 million video views and is shared across a network of more than 350 corporate partners. This initiative, combined with competitive cross-border transfer options and salary management tools, supports healthier financial habits and streamlines payroll operations for employers.
About myZoi
myZoi is committed to promote financial inclusion of every underbanked individual globally through tailored financial services, elevating their living standards over time. Headquartered in the UAE, myZoi is a wholly owned subsidiary of Standard Chartered Bank and a fintech backed by SC Ventures – the Bank’s innovation, fintech investment and ventures arm.
About Deem Finance
Deem Finance, part of the Gargash Group, is a purpose-driven financial services company committed to expanding access to finance for individuals and businesses traditionally underserved by banks. Licensed and regulated by the Central Bank of the UAE, Deem delivers fair, responsible, and innovative financial solutions that empower customers to live and work with dignity and confidence.
Source: Zawya
