August 18, 2017
MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: Famacash
Name/Title: Saiful Khandaker, CEO
Industry Segment: FinTech/Blockchain
Target: Market: USA, EU, the Middle East, Asia
LTP: Tell us a little bit about yourself.
Saiful Khandaker: I’m a technology entrepreneur with 10+ years of experience in managing startups in mobile wallets and loyalty. Prior to Famacash, I worked for FreebeePay, AT&T, Cingular Wireless, and BellSouth. I have designed and developed payment gateway, mobile loyalty platform, RFID systems, Bank clearing house, Mobile billing applications, and Enterprise C++ and Java applications.
LTP: Give us a paragraph pitch of your company.
SK: FAMA is a mobile and open digital payments marketplace that offers both merchants and consumers a full range of solutions for all their payment and marketing needs. FAMA provides products for all components of the payments ecosystem including money transfer, P2P, loyalty, coupons, and deals, as well as processing and Big Data support services – all from one, easy-to-use, white labeled solution. Merchants that use FAMA for payment solutions will deliver a rewarding, personalized, and enriching experience for their shoppers, resulting in higher customer retention rates. We are implementing blockchain technologies for faster transaction processing and fraud mitigation.
LTP: In a sentence or two, what problem are you solving today?
SK: Sending money to someone local and international still is a problem. Banks and traditional money transmitters charge too much fees for sending money. Their processes are also backdated. For example, users have to fill out same forms every time they visit a Western Union agent location. With Famacash, users can send money with few clicks and no forms need to fill out for repeat transfer. We save money and time for customers sending money local or international.
LTP: Who are you selling to?
SK: We are selling to consumers and merchants. Consumers can use our services through our app, web, or our agent locations. Merchants can use our loyalty and payment services to increase sales and decrease costs in payments processing
LTP: Why did you start the company?
SK: It is a passion. We wanted to help migrant workers send money to their families most economically and securely. I am a Bangladeshi-American immigrant. I wanted to lead Bangladesh community to become technology entrepreneurs so that they can make a bigger economic contribution for the community and for the world. Giving back was my inner calling that drove me to become a technology entrepreneur.
LTP: What's the most important change coming to your segment in the next 3-5 years?
SK: Blockchain is the most important change coming into FinTech industry. Companies that will not adapt to blockchain will fall behind and become obsolete in regard to their efficiencies and effectiveness.
LTP: What’s your next milestone?
SK: We want to go live with remittance, airtime, and merchant payment services in August this year. We want to increase our delivery network by the end of 2017.
LTP: What keeps you awake at night?
SK: FinTech regulation, Innovation. I always think what I can innovate – even in the middle of the night. FinTech regulation keeps me awake because it takes a long time to acquire MSB licenses in the United States. We have to get a license in each state. It takes two years to get a license in New York. Similarly, other countries also have stringent policies for obtaining a license. We could do so much with our innovation and technologies if we had the licenses. The office of the comptroller of the currency (OCC) of the United States was exploring for issuing special purpose banking license for FinTech companies. However, the financial regulators of New York State have sued the OCC. It is difficult for Startups for overcoming the licensing challenge.
LTP: Thank you, Saiful!
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