Can you share the inspiration behind the establishment of Astra Tech and the driving force that led to the creation of the ultra app, Botim?
If you were to put it in one line, Astra Tech is consolidating the consumer technology services ecosystem on one platform. This, in very short, is what our mission is. The driving force behind the ultra app vision was to address the significant gap in the market for a platform that seamlessly integrates communication, financial transactions, ecommerce services and many more via other mini-apps that are powered by the latest AI capabilities.
Individuals and businesses alike are bombarded today with a plethora of fragmented services, for example, the UAE has more banks per capita relevant to its population size – which translates to a confusing market and oversupply of banks, ironically, leaving many unbanked. We foresee this fragmentation persisting in other sectors, necessitating users to navigate through a maze of technologies which causes app fatigue.
Astra Tech’s ultra app, Botim, invites everyone to the party, regardless of age or financial background, consolidating diverse tech services into an accessible platform for all.
Astra Tech has played a pivotal role in developing MENA’s largest consumer holding group. Could you elaborate on how this growth has contributed to the overall ecosystem of the UAE, as highlighted in the Genome 2023 report?
The UAE’s growth has cultivated an environment that spurs innovation, entrepreneurship and economic diversification, bolstering the national business landscape. In the Emirates, a diverse population and businesses thrive, utilising chat, voice and video services for communication, as well as efficient mechanisms for money transfers, recharges and bill payments. On Botim, users access e-stores connecting them with direct sellers, and also tap into government services like visa processing, fine payments and Involuntary Loss of Employment (ILOE) assistance.
The concept of the ultra app is intriguing. How does Botim leverage its extensive user base and integrated ecosystem to deliver a unique and valuable experience to its users?
Astra Tech’s initiatives have positively impacted local businesses and individuals by fostering innovation, creating job opportunities and enhancing financial accessibility. For instance, our collaboration with Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has led to the growth of small businesses within the farmer community through improved financial literacy, accessibility to innovative fintech solutions to contribute to today’s digital economy.
The expansion of Astra Tech internationally, such as the acquisition of a company in the Philippines and the foray into micro-lending, is impressive. What strategic vision prompted these global moves, and what is the overarching direction you’re steering the company toward on a global scale? The acquisition of a company in the Philippines and the expansion into micro-lending suggest a commitment to financial inclusion. What motivated Astra Tech to address these specific areas, and how do they align with the company’s overarching mission?
In the Philippines, our acquisition of Y-Finance, a licenced financing company, in conjunction with our partnership with Banco de Oro (BDO), the nation’s largest bank, underscores our commitment to seamless cross-border money transfers, benefiting both Filipinos in the UAE and their home country.
The Philippines boasts one of the world’s largest population growth rates, with about three-quarters of its populace having internet access and near-universal mobile penetration. Despite these factors, the nation lags behind peer countries in terms of banking penetration. These endeavours epitomise our dedication to dismantling barriers and creating opportunities for underserved communities, aligning profoundly with our overarching mission of fostering a meaningful societal impact.
Additionally, we’ve also established a partnership with Fawry in Egypt to enhance cross-border payments, and we are actively pursuing licencing opportunities in various other countries as part of our expansion strategy. Our international expansion strategy, whether through partnerships or acquisitions, is consistently rooted in our response to the question of how we can drive positive change on local, regional and global scales.
The ultra app Botim encompasses fintech and GPT ambitions. How do these elements synergise within the app, and what impact do you envision them having on underserved populations, particularly the underbanked? Botim’s adoption of GPT technology is intriguing. Could you explain how GPT enhances the user experience within the app and contributes to its overall value proposition?
As mentioned, at the heart of Astra Tech’s mission lies a relentless commitment to empowering the unbanked and underserved. One example is our focus on blue-collar workers who often face barriers to traditional banking services. Through extensive research in the UAE, we discovered that these workers would spend an entire month’s salary over 12 months on international money transfers, factoring in transportation costs, transfer fees, and the significant time spent waiting in long queues.
Within these communities, the potential of fintech solutions shines brightest, unlocking opportunities and transforming lives on an unprecedented scale. The synergy between fintech and GPT elements within the ultra app, Botim, is transformative. By leveraging AI and fintech capabilities, we are addressing the needs of underbanked populations, providing them with convenient and secure ways to access financial services, make transactions, and improve their overall financial wellbeing.
Our Arabic Chat GPT service is set to enhance the user experience within Botim on a whole new level by enabling natural language interactions using the regional language, an important tunnel to access the AI generating personalised recommendations. This not only streamlines communication but most importantly steps into the real world through executional capabilities – immensely enriching the value proposition of the app, all in all offering user insights, assistance and convenience that contribute to a more holistic digital experience.
The transformation of Botim, PayBy and Rizek into a streamlined ecosystem is noteworthy. Can you shed light on the strategies and challenges involved in integrating these previously segregated entities into a cohesive unit? Botim has amassed a substantial global user base. How has the app managed to achieve such widespread adoption, and what factors have contributed to its success in the international market?
Our strategies encompass streamlined integration planning, technological synchronisation and ensuring a seamless user journey, despite merging diverse entities. As technology advances, we lead with AI, blockchain, and transformative tech to provide innovative solutions for individuals and businesses. The synergy between Botim, PayBy and Rizek offers a comprehensive service suite. Users seamlessly transition from communication to finance and on-demand services, enhancing convenience, efficiency and satisfaction within a unified ecosystem – setting Botim apart.
Botim’s wide adoption comes from user-centric design and seamless functionality over a very simple use case: CHAT. We focus on valuable, diverse services while upholding user privacy. With 150 million+ registered users our platform aligns with regional setups, regulations and priorities.
Astra Tech’s journey from its inception in 2022 to its current status is remarkable. What were the pivotal moments and strategic decisions that paved the way for the company’s growth and evolution?
In 2022, Astra Tech embarked on a transformative journey with an audacious goal: to leverage technology-driven financial services and unify the fragmented fintech landscape, addressing app fatigue. This drive gave birth to Botim – an ultra app serving millions across the MENA region. It envisaged an integrated future, reinvigorating markets, empowering communities, and unlocking limitless opportunities.
To bring this vision to life, we orchestrated a series of strategic acquisitions that shaped Astra Tech’s trajectory. Each move was carefully choreographed, becoming the cornerstone of our integrated approach. These weren’t mere transactions; they laid the groundwork for a holistic ecosystem seamlessly blending communication and financial services. The outcome was a unified experience, a harmonious fusion eradicating past inefficiencies that isolated entities had grappled with.
Innovation appears to be a driving force behind Astra Tech’s success. How does the company foster a culture of innovation, and what role does it play in shaping the development of products like Botim and PayBy?
We embrace a “Day 1” mindset, treating each day as a new beginning, steering clear of corporate rigidity. Our focus is on nurturing an innovative culture, creating an atmosphere that promotes collaboration, experimentation, and ongoing learning.
The fintech landscape is rapidly evolving. How does Astra Tech ensure that its offerings, such as Botim and micro-lending, remain relevant and competitive in an ever-changing market? Astra Tech’s expansion into micro-lending reflects a broader mission. How does this initiative align with the company’s social and economic goals, especially in supporting underserved communities?
Botim’s licenced fintech, PayBy, hosts 50,000+ merchants and handles billions of transactions. Our agile approach involves constant R&D and market adaptation, fuelled by trend tracking, user feedback and stringent security protocols.
Our micro-lending venture aligns with equity goals, offering underserved communities financial access, promoting growth and literacy. Through this, we’ve facilitated financial transactions at a large scale, simplifying eligibility and collaboration with names like MoneyGram and regional partners, fostering global remittance services for instant results.
Astra Tech’s global expansion is impressive. Could you elaborate on the challenges and opportunities you encountered while establishing a presence in international markets, and how these experiences have shaped the company’s strategic outlook?
Establishing a presence in international markets required adapting to varied regulatory frameworks, cultural intricacies and user preferences. These experiences have significantly influenced our strategic perspective, underscoring the importance of tailoring our solutions to cater to the distinct demands of each market we operate in.
Botim’s footprint spanning 155 countries has been instrumental in shaping our global outlook. This expansive presence brought forth both obstacles and avenues for growth. Navigating through diverse regulatory environments, cultural dynamics and user preferences served as valuable learning experiences, which have substantially contributed to refining our strategic approach. These encounters have solidified our commitment to customising our offerings to cater to the unique requirements of every market, ensuring that we provide optimal value and resonate with the specific needs of our global user base.
Astra Tech’s contributions to financial technology are evident. How do you envision the company’s role in shaping the future of fintech, particularly in the context of emerging technologies and trends? The collaboration between Botim, PayBy and Rizek showcases a holistic approach to consumer needs. Can you share examples of how this synergy translates into tangible benefits for users?
This synergy of finance and technology is unlocking unparalleled potential, making a significant impact on regional prosperity. The introduction of Arabic GPT exemplified our efforts to cater to diverse linguistic needs, whilst bridging the gap between technology and underserved populations.
This innovation was not just about convenience; it was about erasing barriers and ensuring that technology could be harnessed by all, regardless of language or background. The service is being integrated into all of the services provided by the wider Botim app, from ecommerce to fintech solutions, as well as processes like routine governmental transactions and hospitality reservations.
One example already in the works is Botim’s partnership with Etihad Airways to allow for flight bookings using Botim GPT. Users will be able to book flights by typing in the details of the itinerary they wish to book, and the service will complete the rest on its own, effectively eliminating much of the hassle of manually booking flights.
Could you highlight some success stories or testimonials that showcase the positive impact Botim has had on individuals, particularly those who were previously underserved by traditional financial institutions?
Recently we collaborated with ADAFSA to organise a workshop at ADAFSA’s headquarters. The purpose of this workshop was to introduce licenced local farmers to the Botim ultra-app’s e-store.
Via the ultra-app’s expansive user base of over 8 million individuals in the UAE, will allow local farmers to significantly boost their brand’s online presence and visibility, it will also enable farmers to embrace digital transformation, adopt new approaches in marketing and distribution and gain access to a range of convenient and cashless payment options through the app’s advanced fintech capabilities.
With 38,000 operational farms in the UAE, there’s massive potential, but many farmers are excluded from digital advances. The Botim ultra-app aims to bridge this gap, creating a dynamic marketplace for farmers and consumers.
Astra Tech is dedicated to empowering the underserved, like blue-collar workers. In the UAE, our research revealed they spend a month’s salary over a year on costly international money transfers, including fees, transportation, and long queues. Our fintech solution holds immense potential within these communities, providing a comprehensive banking system accessible via chat.
As the CEO of Astra Tech, what legacy do you hope to leave behind, and how do you envision the company’s continued growth and innovation in the years to come?
My legacy would be one of transformative impact, innovation and empowerment. I envision the company’s continued growth and innovation by remaining agile, responsive to market trends, and committed to making a meaningful difference in the lives of all individuals and communities regionally and globally. Our journey will be marked by a legacy of positive change, technological advancement and a steadfast commitment to financial inclusion.
Pivotal moments and strategic decisions, such as focusing on user-centric design, forming strategic partnerships and embracing emerging technologies have fuelled Astra Tech’s growth. Our unwavering dedication to innovation, adapting to market trends and aligning our goals with the changing needs of our users have been instrumental in shaping our journey.