Masref - Swiss bank accounts for people in distressed economies
People from distressed countries can now store their US dollars safely
I discover a new startup every week and share it with you. This week’s featured startup is Masref. Subscribe to get each and every issue.
What it does: Masref provides a trustworthy Swiss bank account to people in distressed economies. Many distressed countries have high inflation rates and untrustworthy banking systems. In such places, it’s tough to keep money safe from fraud or theft. With Masref, they can store their money safely in a trustworthy bank account that is denominated in US dollars.
How it started: Masref is the idea of three individuals, Amer Baroudi, Edward Yee, and Abdallah AbuHashem. Amer is a Syrian-born finance and policy expert. Before he founded Masref, Amer was the co-founder of many award-winning companies and had built many properties in Europe.
Edward is a Singapore-based entrepreneur and the CFO of Masref. Abdallah is Masref’s CTO and has worked in many tech companies in the USA before moving to the UK. All the three founders met in Oxford and shared ideas on how to build a global financial system.
They collectively aim to revolutionize how people use and save money in poor economies and make essential financial services accessible for everyone. They also aim to build a future that supports inclusivity.
How it works: Individuals in countries such as Sudan, Lebanon, Zimbabwe, or Argentina prefer to save money in USD to avoid hyperinflation. But unfortunately, local banks in these places are often untrustworthy, so Masref provides a highly regulated and safe bank account in Switzerland that accepts incoming and outgoing transfers in USD. This account can be accessed through the phone, making it convenient to send and receive money.
Why it’s interesting: In today’s fast-paced world, Masref aims to revolutionize the financial systems and encourages people to move out of economies that may do them no good. Masref seeks to help people keep their money safe, so they can use it to make a difference in their lives.
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