FAIR ,a multilingual digital bank and financial services platform, is launching to the public after raising $20 million in 40 days earlier this year. Houston entrepreneur Khalid Parekh who doesn’t have experience in banking and financial services but has experience in running a successful company named as AMSYS GROUP , which is valued at nearly $350 million.
So now the question rises that how FAIR is different from existing neobanks?
FAIR as the name suggests gives the opportunities to all the individuals irrespective of their cast, religion, color, their bank balance and net worth. Parekh’s main goal is to provide immigrants like him the platform to invest their money and to enjoy the benefits in the country like U.S. In building FAIR’s technology all the money was invested by the founder of the platform that is Khalid Parekh.
FAIR offers interest free lending to its customers and is available in three languages ; English, Spanish and Arabic and many more to come in the future so that people all over the globe enjoy the benefits FAIR provides .
Main aim of FAIR is to help address the longstanding racial income inequalities and widening wealth disparities in the U.S. Being an immigrant himself Parekh described that there is not much help for the people like him in the financial and banking sector in the U.S.
He himself at first had a lot of problems in understanding the working of the banking system . Another challenge was that there were not many options for insurance and retirement services for immigrants and low income people in the country , all the services were provided to the rich and wealthy ones. Another important aim of fair is to practice socially responsible investing(SRI) so that it does not have a negative social impact.