In a rapidly evolving world where innovation and creativity reign supreme, young entrepreneurs are carving out their paths and shaping industries with new ideas while being compassionate at heart. One such individual, Yadur Sood, an Indian expat living in the UAE, has embarked on a journey that promises to find solutions to increase financial literacy in sections of the UAE’s low/mid-income expat community.
Yadur Sood’s remarkable journey began with a genuine passion for creating positive change in the lives of migrant workers in the UAE. As an Indian expat himself, Yadur was deeply connected to the challenges faced by the underprivileged, low-income expat community. After creating and participating in many charity drives and regular interaction with migrant workers at home, construction sites, and worker accommodations, Yadur identified a critical problem – a lack of financial literacy among migrant workers, caused inefficient budgeting and remittance practices. Workers often sent all their money home to sustain their families rather than themselves. Upon thinking about how he could solve this issue, Yadur ideated Katafin.
Yadur has taken it upon himself to transform how migrant workers manage, save, and remit their money. He aims to set up a globally scalable cutting-edge app that initially optimizes UAE-based Indian/South East Asian migrant worker remittance outflows by guiding users on the best ways to budget expenses, create short and long-term saving goals, and make the remittance process automated, efficient, and accessible. The app’s intuitive, straightforward interface will create provisional budgets based on monthly/annual income and user preferences by integrating algorithms to calculate an optimum remittance value, which based on user input, can be auto-remitted to the recipient’s account. In the next phase, the app will create reward systems and host community events to reward users for efficient budgeting and savings. The step entails collaborating with service providers for things including but not limited to food, entertainment, laundry, and retail providers to help workers maintain a low expenditure and adhere to the set provisional budget created by the app. The app, post scaling in the UAE, can evolve to support larger migrant worker communities in the Middle East and beyond. He believes that providing financial solutions and knowledge for migrant workers to lower expenses would be a natural next step for Katafin while adopting the ideology of giving back, which he pursues via his charity Katafin Cares.
This app and its charity drive are meant not just to change migrant workers’ lives but to kickstart one’s financial education to empower them with better financial knowledge and habits. While the app is in development to give back faster to the migrant worker community, Yadur continues to engage with migrant workers in person and via large surveys to better understand their needs which will help to lay the groundwork for meaningful solutions for migrant workers.
While Yadur has made much progress in identifying a need and gap, which may not be limited to low-income migrants but also is a common problem for all migrants globally, and creating the idea, he states that he is challenged in identifying the right team to code an algorithm as well as creating the User interface for the app. He aims to build and lead a team of individuals at university, believing he can find like-minded visionaries who share the same compassion and work together to raise funds for his startup and build a globally scalable solution.
Yadur’s journey also extended to inspiring the next generation of entrepreneurs. He initiated workshops and seminars, fostering a culture of innovation and social responsibility among local talent. By encouraging others to think creatively about sustainable solutions, Yadur aimed to create a ripple effect of positive change, transforming not just the lives of migrant workers but also the broader Indian community. Katafin is a testament to the power of identifying and transforming real-world problems using impactful solutions. Through his determination, empathy, and entrepreneurial acumen, Yadur has laid the groundwork for a potentially groundbreaking startup and is an inspiration for a generation that aspires to make a meaningful difference. As he continues to lead Katafin, Yadur’s journey holds immense promise and potential for a brighter, more inclusive future.
EMAIL ID:- [email protected]
Discover the stories of your interest
Disclaimer: Content Produced by Katafin Dubai