Before Aramex, the Middle East's largest courier company, acquired his online retail start-up Nahel in 2013, Saeid Hejazi had developed the habit of tracking his finances manually on Excel.
It was a frustrating and tedious process of copy-pasting information from bank PDF exports into Excel and categorising it himself, he recalls.
“After Nahel was acquired, I kept the habit going but realised there must be a better solution,” Mr Hejazi says.
“It wasn’t just me; other people were also going through the same frustrating experience. Realising there wasn’t anything better in the market, Wally was born.”
The app connects with 15,000 banks from 70 countries, giving users a single place to automatically track their net worth, spending and financial goals.
“Wally helps the overbanked to take back control of their finances and start reaching their goals,” Mr Hejazi says.
“Too many people have too many credit cards, loans and bills, making it difficult to have oversight, be able to set a plan and track their progress.”
The Covid-19 pandemic raised widespread concern over personal financial issues, highlighting the importance of saving, having an emergency fund for short-term cash needs and having enough money for retirement.
Since Wally was born before open banking, which is the ability for users to share their financial data with a third party, the app’s users had to manually track their finances initially. However, even back then, the app used some aspects of machine learning, Mr Hejazi says.
In 2020, the co-founders launched Wally 3.0, which allowed users to connect their bank accounts to automate the tracking part. The service was initially launched in North America, and over time rolled out to 15,000 banks from 70 countries.
This year, the co-founders launched version 4 of the app, named WallyGPT as the world’s first generative AI personal finance tool in 70 countries.
“WallyGPT is built from the ground up using machine learning and artificial intelligence,” Mr Hejazi says.
“This gives people the ability to go further than the standard charts and tables to research, set and track their goals, get investment guidance and discover financial services.”
Citing the example of a 20-something-year-old planning to get married soon, WallyGPT can help them get clarity on their current net worth, research the costs of having a wedding anywhere in the world, set a savings plan and track its progress to pay for the wedding, suggest some investment opportunities (for instance, mutual funds or exchange-traded funds) that will help them reach their goal faster, and recommend a credit card that will reward their wedding travel expenses, the chief executive explains.
All these benefits are “hyper-personalised, instant, tailored and intelligent”, he says, adding that the conversational nature of WallyGPT moves it closer to a super app for finance.
Once a user connects their bank accounts to the app, WallyGPT allows them to ask complex questions about their finances, investing, savings and more.
WallyGPT is available in the UAE through an agency model with a local vendor that is regulated by the UAE Central Bank. In Saudi Arabia, the app is regulated and licensed by the Central Bank (Sama), Mr Hejazi says.
The app’s top five markets by active users are the US, India, Singapore, the UAE and the UK.
“In terms of user growth, we’re going to focus on growing our user base in our top five markets. In terms of product development, we are currently working on capabilities that will enable WallyGPT with autopilot functionalities. The plan is to give users the ability to ‘set it and forget it’,” the co-founder explains.
“For example, if you’re paying too much in interest across your different loans, WallyGPT will be able to apply for debt reconciliation on your behalf so you can start saving. For investing, WallyGPT will be able to balance a user’s portfolio based on asset performance.”
The app, which is free to use, plans to earn revenue by providing services in the research and discovery of new financial products, investment optimisation and debt management.
The DIFC-headquartered company has signed a data privacy addendum with ChatGPT creator OpenAI that ensures the data shared with them is not used for training and is deleted in 30 days, according to Mr Hejazi.
WallyGPT does not share any personally identifiable user data, such as user IDs, emails or names, the entrepreneur clarifies.
“When a user asks a question, WallyGPT uses its proprietary machine learning models in natural language processing to understand the context of the question, then queries, processes and prepares the necessary information and shares the final values with GPT to be enriched,” he says.
“So, for example, if someone asks: 'What is my account balance?', we do not share raw data. Without sharing any user information, GPT gets the question asked, the computed values from Wally, and GPT enriches the final answer in a conversational format.”
Comparing WallyGPT with human financial advisers, Mr Hejazi says the latter are only available to affluent and high-net-worth individuals who need to have a minimum amount in cash and assets (at least Dh300,000 or $81,000) to avail of their services, and their fees are high.
In contrast, WallyGPT is free and provides more tailored, instant and intelligent answers than human advisers, he adds.
Also, while robo-advisers help people with a single and narrow part of their finances – passive investing – WallyGPT enables users to manage their end-to-end finances, including passive investing, the app’s co-founder explains.
“For example, WallyGPT helps users cut down unnecessary spending to find more investable cash or pay down debts,” he suggests.
The WallyGPT team comprises 20 people, nearly all developers, and the company has an engineering office in Bengaluru, India.
The app has raised $7.1 million across an angel and pre-seed round and the co-founders plan to raise a seed round soon.
Citing fund-raising as the start-up’s biggest challenge, Mr Hejazi says: “It takes months to raise a round, is completely distracting and keeps you from growing the business.”
Saeid Hejazi says the app helps the over-banked to take back control of their finances and start reaching their goals. Antonie Robertson / The National
Q&A with Saeid Hejazi, chief executive and co-founder of WallyGPT
What already successful start-up do you wish you had started?
It’s easy to wish I started something after it’s been successful. One of the rewarding parts of Wally is being able to innovate at the core and build solutions that matter to people. So while I can say I wish I built “that” company, I wouldn’t be able to work towards the opportunities that we see ahead of us, despite how challenging they are.
What is your next big dream to make happen?
To provide hundreds of millions of users globally with a completely passive and automated way to improve their finances. Too many people stress about money. WallyGPT will be able to reduce that stress by making better and more intelligent decisions faster and in the background.
What new skills have you learnt in the process of launching your start-up?
All the skills I have are new. Every aspect of our business has changed completely from when we first launched Wally. Marketing distribution channels evolved and you need to learn new skills.
Regulatory environments are changing and adapting to the activities Wally provides. Technology has evolved from being simple and straightforward to abstract and non-deterministic. And faster than all of that, are consumer expectations.
If you could start all over again, what would you do differently?
Everything happens for a reason and if I changed something in the past, there’s no knowing where we would end up today. Sure, it’s easy to say I wish I didn’t do something specific and reached the same outcome faster or more effectively, but things have to take their course.
Who is your role model?
My brother and I would say it’s our father. You need a lot of resilience to build a business and he taught and showed us how to stay focused and keep moving forward, no matter the conditions and sacrifices.
Where do you see yourself after 10 years?
Chief executive of Wally, I hope.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
BRIEF SCORES
England 353 and 313-8 dec
(B Stokes 112, A Cook 88; M Morkel 3-70, K Rabada 3-85)
(J Bairstow 63, T Westley 59, J Root 50; K Maharaj 3-50) South Africa 175 and 252
(T Bavuma 52; T Roland-Jones 5-57, J Anderson 3-25)
(D Elgar 136; M Ali 4-45, T Roland-Jones 3-72)
Result: England won by 239 runs
England lead four-match series 2-1
ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
