In the next in our series of speaker interviews we caught up with the CEO of Fxkart.com, Abdul Hadi Shaikh, to ask him some questions about the growing choice available for forex customers, the speed of change for market incumbents, and the exciting regional future for Fxkart.com.
1) Can you tell us a little bit about Fxkart.com?
Fxkart.com is India’s largest marketplace of foreign exchange dealers in India. Fxkart.com helps you instantly discover the best forex rates in your city, by letting you compare rates across dealers who compete for your business, making the rates offered very competitive and the service being completely free for you!
2) What key challenges are you helping forex providers overcome?
22 million forex consumers traveling abroad faced the below problems:
● No transparency on best rates
● No transparency on forex eligibly and documents required
● No transparency in genuineness of forex dealer.
How Fxkart.com is solving this:
– Consumers can instantly discover the best rate in his city (all rates from authorized money changers are aggregated and the best is discovered and displayed to the consumer)
– Fxkart displays the forex eligibility to the consumers as well as educates them on required documentation via emails, sms and call center
– All dealers listed on Fxkart.com are verified for them being proper license holders from the licensing authority
In the current scheme of things, forex providers in India are facing challenges in terms of:
● Unverified leads
● High real estate cost
● No smart intelligence to tell them how the market is moving and how to benefit from it real time
With Fxkart.com they can eliminate all these factors and help them with –
● Verified leads – All leads going through a round of through verification and thus helping the forex provider to concentrate on live leads
● Real-time pricing – The Interbank Rate keeps on moving dynamically, our smart software helps them make the most on current leads and win deals as per their stock availability
● Treasury Management – With real estate cost going up at posh locations in different cities, we as Fxkart help them access leads with no costs thus limiting them to treasury operations and delivery of forex, helping them save lots on real estate
● 24*7 IT support & training – Our backend team is available 24*7 for any issues pertaining to software and usability of any features for smooth operations.
3) Do you think that incumbent remittance businesses can overcome the challenge of fintech competitors?
Not really, in terms of the larger players like banks, for any small tweak in the product, multiple levels of approvals & red tape is there. For startups like us, if there is any idea that helps us improve we implement it and that is what will help us be ahead of the larger players in the long run.
Further, consumers are in the habit of compare and buy. Fxkart.com uses its tech platform to enable comparison and best deal discovery seamlessly, which incumbent forex dealers and remittance providers aren’t able to.
4) What is your vision for the future of Fxkart.com?
To be India’s largest foreign exchange company and provide transparency to retail forex transactions.
5) Beyond forex, what areas of fintech are of interest to you?
Apart from forex, I am very interested in lending platforms and credit as I feel that the next big wave in the fintech space.
6) Why are you excited to join us and speak at Symbol: The Asian Fintech Summit?
Fxkart will be launching its services in the international market very soon and this is an ideal platform for us to showcase our product, collaborate with other startups & mentors to get feedback to better our services and product. We would also be happy to share specific case studies on how the market has responded to a service like us thus helping the audience to have a better connect with the problem we addressing.
Oscar is just one of the 100+ speakers we’ll be bringing together to explore the future of fintech across Asia. To find out more about the show download our event brochure here.