Kochi: A Malayali entrepreneur is among the co-founders of Belong, the first Indian fintech startup exclusively catering to the financial needs of Indian expatriates and offering them currency-resilient investment options

M Sai Shankar, a native of Angamaly with family roots in Palakkad, is one of the four co-founders of this pioneering venture. A seasoned banker, Sai Shankar has previously worked with ICICI, HDFC and Neo Global.

Belong, headquartered at Gujarat's GIFT City, will initially offer services to Indian expatriates in the UAE, with plans to expand to other Gulf countries, the US and the UK by the end of the year. The company's first product is a facility for Indian expats to open dollar fixed deposit (FD) accounts with Indian banks.

"We're starting with dollar FDs for the UAE and will gradually broaden our services to cover mutual fund investments, Indian and US stock market access, insurance, card products and Indian tax filing support," said Sai Shankar, who serves as the startup's Chief Business Officer. KYC (Know Your Customer) details will be collected directly from clients, ensuring seamless compliance and onboarding.

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At present, Indian expatriates are only permitted to hold FDs in Indian Rupees, and this comes with an inherent risk, according to Sai Shankar. "Even at a 7 per cent interest rate, nearly 4 per cent is lost due to the rupee's depreciation, leaving a real return of just around 3 per cent. When deposits are made in dollars, this currency loss is eliminated,” he said. 

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