Praveen Chandiramani is founder and chairman of WorkerAppz, a financial technology start-up that offers cross-border remittances to more than 100 countries.
Mr Chandiramani came to the UAE on a two-week holiday after finishing his chartered accountancy exams in 1989. He stayed on for 32 years and has since launched several companies, including one of the country's earliest online money remittance services, Instant Cash, in 2000.
WorkerAppz is currently live in Bahrain, Jordan, Europe and Asia, with new ventures in the UK and US in the works. Mr Chandiramani is also founder of the Ritman Group, the parent company of WorkerAppz and its sister technology start-ups, RitmanPay, Angootha Pe and YeePeey.
The 58-year-old lives in Dubai. He is married and has two sons who have joined him in business.
How did your upbringing shape your attitude towards money?
I was born in 1963 and grew up in Mumbai, India. Being raised in a lower middle-class family without many essentials in my childhood, making money became extremely important and shaped my attitude towards it.
What was an early lesson you learnt about money?
If you need to save, pay yourself first before paying others — you need to decide a figure that needs to be saved from your income and start planning accordingly. This was when I was 18.
At what age did you start working?
I began my articleship — training for chartered accountancy — at the age of 16. My stipend was 125 Indian rupees (about $15 at the time, now $1.67) per month. My first full salary in 1987 was 7,500 rupees a month.
What brought you to the UAE?
I first came here on holiday after the strenuous CA exams in 1989. My brother used to work here and wanted to return after five months. I wanted to persuade him to stay on. I stayed on, too — it’s been almost 32 years.
What was your weakest financial moment?
That was in 1995, when my second son, Monish, was born. I was running an electronics business, which had been performing badly. I had just made some payments to suppliers and was left with no cash.
I received a call from the hospital about the news of my son’s birth, but didn’t have the money to get to the hospital from my showroom. This was when I realised how important even Dh10 can be in certain situations.
I had reached a sort of saturation point. So I quit a full-time C-Level job that paid very well and changed gears from finance to business
Praveen Chandiramani,
founder and chairman of WorkerAppz
Why did you go into business for yourself?
After many years of number crunching, I had reached a sort of saturation point and was longing to do something that would give me creative satisfaction. So I quit a full-time C-Level job that paid very well and changed gears from finance to business.
This resulted in the birth of Instant Cash, my first product in the payments industry. The peer-to-peer cross-border remittance product, launched with the House of Patels (the Wall Street Exchange group), disrupted the money transfer market with an online solution and slashed the cost of transfers by nearly 50 per cent.
What were your early successes or failures as an entrepreneur?
At the outset, it was an extremely difficult proposition to sell as nobody was ready to accept that money transfers were possible using an untested channel like the internet. By persisting, I was able to convince all investors and stakeholders. I had many failures, particularly in terms of limited capital and resources while expectations were very high. However, persistence paid off.
The most important lesson I learnt here was that a basic idea, when implemented and targeted at the right market, can make even established industry players uncomfortable.
What is your aim for WorkerAppz?
WorkerAppz was created to offer all the apps that an expatriate or migrant worker needs on a day-to-day basis. Services such as money transfers, bill payments, mobile recharges, microloans and many more services will come under the WorkerAppz umbrella in the years to come.
In five years, I expect WorkerAppz to greatly impact the global banking industry and will change the way money is moved across the world.
What was your greatest financial challenge?
When working capital became an issue in the initial months of my second business venture in 2004. Our limited investment had completely dried up and funding was a luxury in those days.
To keep our staff motivated, we needed to ensure we made ends meet. There were many months where I had to pay their salaries just to ensure business continuity. We reached break-even point in the 10th month of operations and were able to pay our expenses thereafter.
How did the coronavirus impact your business?
All online and e-commerce businesses thrived due to coronavirus. We were no exception. In fact, our business spiked to new highs. We were able to gain new customers, increase sales volumes and expand virtual geographies during the pandemic.
What asset classes do you invest in and why?
I have invested in everything from bank fixed deposits and unit-linked insurance plans to mutual funds, pension funds, bonds and gold bonds, and currency forward deposits. However, I have put the largest chunk of money in properties as real estate offers stability and appreciation in the long run.
What was your first investment?
The first investment that I made was a fixed deposit for 10,000 rupees in 1991 or 1992. This amount has still not been withdrawn and the investment has grown seven times as of now.
What about property?
Over the years, properties have been my biggest investment and I now have multiple properties in India and UAE. The first was a home in Pune, India in 2003. I purchased it for 1.8 million rupees. I sold this property in 2008 for 4.5m rupees, or about 2.5 times the value. This investment, though small, shaped the strategy for all future investments in real estate.
What was your worst investment?
My worst investment has been a freehold property I purchased in Dubai. I bought this property at the peak of the 2008-09 boom. Prices crashed soon after and the property has still not recovered even 50 per cent of its purchase price.
The lesson from this investment is not to invest in what the herd is buying. Follow your own instincts and not those of the herd.
How have you planned your legacy?
I have planned my succession and my sons have taken over three of the start-ups in operation at the moment: WorkerAppz Global Payments (headquartered in Canada), Angootha Pe (Indian payments) and Yeepeey (for online groceries in Dubai). We will soon be looking for investor funding for the companies — as of now, they have all been bootstrapped and internally financed.
Where do you see yourself five years from now?
In the next five years, I see myself among the top 50 entrepreneurs in Asia — as my three start-ups would have reached a position to take me to the top 50.
Do you use a financial adviser?
Yes — for help with tax returns in India and other countries to manage corporate regulatory procedures. But for my own needs, I don’t need one. I am a qualified chartered accountant and have been in the finance industry for more than three decades.
Are you a spender or a saver?
I was a very heavy spender all my life but as age has progressed, I have become a saver, partly because of the natural maturity that comes with age and because of life’s responsibilities.
Where and how do you save?
For the past three or four years, I haven’t saved as I have been investing in my three start-ups. Most of my savings and other invested surplus income goes into these start-ups. Before this, I would largely save in Indian equities and mutual funds, as well as bank instruments.
How much do you have in your wallet right now?
At the moment, I have Dh200 and some change in my wallet.
What car do you drive?
Right now, a GL 500 Mercedes. But the Land Cruiser has been my constant companion.
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
AIDA%20RETURNS
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The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
Company%20Profile
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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HWJN
%3Cp%3EDirector%3A%20Yasir%20Alyasiri%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Baraa%20Alem%2C%20Nour%20Alkhadra%2C%20Alanoud%20Saud%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
Killing of Qassem Suleimani
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Brief scores:
Day 2
England: 277 & 19-0
West Indies: 154
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
COMPANY%20PROFILE
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Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
