A third-generation entrepreneur with operational expertise in family-owned FMCG and agro-commodities businesses, Fatima Batool is a force to be reckoned with. She spent her formative years travelling between the palm oil plantations in Indonesia and the rice plantations in Pakistan owing to her family businesses. Subsequently, after spending almost a decade studying and working in Australia/New Zealand, Fatima noticed the sheer contrast between developed and emerging markets in terms of financial inclusion and women empowerment. After extensive discussions with several of her mentors/advisors, she learned about the earned wage access model and decided to implement it across the South Asia/Southeast Asia region with her application EZ Wage, as a starting point towards eventually developing a holistic regional financial wellness platform.
My passion
My passion undeniably lies in providing relief to the marginalised sectors of society, especially women in developing nations. Hiring employees across developed and emerging markets has made me truly understand the day-to-day challenges faced by the employees. In developed countries like Australia, the majority of people have access to formal credit, and the process is far less complicated as compared to Pakistan, Bangladesh and Indonesia. The statistics pointing towards women who are financially independent and literate are particularly appalling and made me brainstorm about services and products designed specifically to elevate their socio-economic position. After extensive discussions with my mentors, I narrowed my focus on an App providing earned wage access, more commonly known as EWA; a next-generation employee benefit that would allow employees to withdraw their earned salaries before the actual Payday to cater to their unexpected expenses instead of falling in the debt spiral propagated by loan sharks.
My biggest challenge
I feel the biggest hurdle in the way of utopian financial independence is the lack of financial literacy in emerging markets. Pair that with the inaccessibility to formal credit, and the skewed ratio of male to female employees in developing markets and you have the makings of financial distress.
It is a challenge to aid the community in becoming financially independent when the vast majority is still under-banked. I aim to make the marginalized and the underbanked more financially literate before introducing the world of financial tools to them. EZ Wage’s App has been designed keeping in mind these very little things. Access to your own hard-earned money should be as simple as three swipes on your phone app, if not easier and I aim to do just that!
My mentor
Safdar Khan who is currently the Division President of Mastercard in Southeast Asia, has helped me gain invaluable insights into Fintechs and business management across digital platforms. Additionally, my father, Malik Muhammad Asif's resilience in the dynamic world of entrepreneurship coupled with his principled approach towards decision making has always guided me towards working harder. I can never thank him enough for his supreme mentorship and for providing me with a vision at a very young age.
My UWA experience
I feel that the group assignments I did during my time at UWA, exposed me to varying viewpoints and shared experiences with students from different diversities. Valuing differing opinions and learning from them to grow on an individual level would not have been possible without my time at UWA. In addition, the courses that I took in my undergrad and postgrad degrees contributed to a wholesome education that has aided me in all spheres of life, be it professional or personal.
My UWA degree
The combination of my specializations in Electronic Business, Employment Relations and International Business in my Master’s Degree helped me gain a plethora of insights regarding conducting business operations on a global scale and to develop a global perspective regarding the economic activity. The courses in my degree lent me the opportunity to engage with the issues experienced by internationally orientated organizations and focus on the comparative analyses of countries, institutions, cultures and the strategic decision-making of companies operating within this environment. Launching EZ Wage on a global scale, across countries like Pakistan and Bangladesh, required me to delve deep into the knowledge gained via my degree and to practically implement all the teachings.
While Bachelor of Economics gave me a thorough understanding of economic principles and models to apply to problems pertaining to business, finance and the public sector in addition to identifying financial risks and making informed decisions while running a global business.
My advice to a current student
Interact with as many students as possible! Don’t be afraid to ask questions, even if they sound silly in your mind. The connections you build here will last you a lifetime. Get to know the cool kids, the shy kids, everyone! They all have invaluable stories and experiences to share. Don’t limit yourself; this is your time to experiment and grow as an individual in boundless ways. Ice-breaking activities will help to enter unfamiliar social situations.