Dubai-based FinTech company Rise rolled out a new platform that allows expatriate workers to eliminate the cost of remittance fees by sharing real-time access to their bank accounts with family and friends.
Currently available in the beta phase of development, the multi-use Xare (pronounced share) app enables users to set daily or monthly limits for recipients, provide short-term loans through credit cards, set up expense accounts for colleagues or send pocket money to their children without them seeing the details of the account.
“Through Xare, we are aiming to build a billion banks worldwide by empowering users to become the bank that their tribe needs to thrive,” Padmini Gupta, co-founder and chief executive at Rise, said in a statement on Monday.
“We believe that people everywhere deserve a fairer banking experience, and who better to give it to them than those that know them best – their friends and families.”
According to the World Bank, more than 1.7 billion adults around the world do not have access to a bank account, while a 2019 survey by payments processor Mastercard found that the use of mobile technology improves financial inclusion.
The Mastercard survey found that 15 countries account for more than 60 per cent of the global unbanked population, where 607 million people have a mobile phone but do not yet have a bank account.
However, Rise's co-founder Milind Singh said the Xare app does not require recipients to have a bank account – only the sender. Registration takes less than 30 seconds and requires a valid phone number, he added.
"On many levels Xare is game-changer for the migrant [workers] and how they control their finances," Mr Singh told The National.
“The trigger for the app was Covid-19 and the lockdown. What if your family didn’t have a bank account at home and nobody was going out? So something like Xare changes that as all they need is a phone number. Once they have downloaded the app and accessed the account, they can start spending.”
To allow recipients access to a bank account, a user selects a contact from their phone to share their card, and can set daily or monthly limits, and even expiry dates, Mr Singh said.
The app’s security system ensures that card details are not seen by beneficiaries and are not stored by Xare centrally, so they cannot be hacked or compromised, the company said in a statement. Once issued with a Xare card, beneficiaries can use their card in thousands of stores to purchase more than two billion products globally.
On many levels Xare is game-changer for the migrant and how they control their finances
“We firmly believe that Xare has the potential to make banking fairer and more humane, and we cannot wait to share our innovative solution with those that can most benefit from it," Mr Singh said.
The Xare app will be available to download on the App Store by mid-November. Until then, Android users can apply to join a waiting list to download the beta version.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Killing of Qassem Suleimani
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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UAE currency: the story behind the money in your pockets
Sholto Byrnes on Myanmar politics
UAE currency: the story behind the money in your pockets
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Mobile phone packages comparison
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
UAE currency: the story behind the money in your pockets
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
