I spend a lot of time researching and looking for unique innovations in the fintech space. There are so many projects being developed, ideas being discussed and unique problems needing to be solved. I’m not sure how I discovered FAIR a neo bank developed by Khalid Parekh, an immigrant from India. He noticed and was impacted negatively by some of the long existing systems in the United States’ banking system as a young immigrant without a lot of money. Many years later, he’s working on a way to improve the system and help those who are negatively impacted by many of the structures in US bank.
And he plans to buy an island.
I really enjoyed this interview and innovative platform. I hope you will too.
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Show Notes:
- Khalid Parekh, founder and CEO of FAIR, introduces himself
- What is FAIR?
- A neo bank looking to eliminate racial inequities in banking
- Pay up to 4% annual dividends to customers. I ask how in the heck this will work?
- What did Khalid notice about the US banking system and what did he notice that wasn’t equitable?
- Khalid arrived at 19 years old as an Indian immigrant to the US with $100 in his pocket and having difficulty setting up his finances
- FAIR is for everyone. The mission is in the name. “People over profits.”
- FAIR is a subscription based bank.
- Solving the problem of inequality of how customers were being treated by big banks.
- Remittance service (free)
- I ask the awkward question “How is FAIR making money?”
- Khalid asks the following question “What is banking?”
- FAIR is a certified Halal bank=no interest is allowed
- 5 products: banking, home and auto loan, robo advisor investing and remittances
- 79% of Americans live paycheck to paycheck
- We discuss the WhatsApp outage and the financial impact
- I ask Khalid to explain what Halal Certified Banking actual is.
- We learn about ethical slaughtering of animals under Halal/Kosher law. I’ve heard this explanation before but I’m sure that many people haven’t
- What does Halal in finance mean?
- FAIR is an American company
- They do not do anything with interest or touch/leverage a customer’s deposit.
- I ask Khalid to share countries that have Halal banking
- We talk about ESG investing and I ask if it can be profitable
- Environmental, Social, Governance
- Socially Responsible Investing (SRI)
- I ask an awkward question…and we discuss the tension behind management and business goals (profit)
- Another awkward question “Will crypto be a part of FAIR’s platform?”
- Assets vs. tender
- What are the educational tools on the platform?
- Are we moving towards a cash free society?
- I ask about the “FAIR” Experience
- FDIC insured…
- Khalid shares his big audacious goal. It’s HUGE.
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