To say Dr Narisa Chauvidul-Aw is a phenomenon is an understatement. Narisa is a one-woman entrepreneurial powerhouse whose ambition is to revolutionise the already crowded marketplace of payment systems alongside the slightly less crowded arena of inclusive philanthropy.
Having completed her PhD in compliance and information systems, Narisa worked as a chief financial officer for a range of medium-sized companies – work she describes as much more straightforward than her current mission. She taught at the LSE and carved a peerless reputation for excellence in the field of international finance. In her favour, she is gifted and driven, against, she is a woman from an ethnic minority in a world traditionally dominated by suits.
Soon after founding her company KogoPAY, Narisa was honoured with the Women in Tech Global Start Up Award in 2019 for her brainchild, KogoPAY, because the establishment recognised the value of what she was trying to do.
Narisa explains the founding concept: “The premise of KogoPAY is simple – everyone can use it to pay in any style of currency, including cryptocurrency.
“According to data released by the World Bank 1.7 billion adults worldwide still don’t have access to a bank account. The ‘unbanked’ can be on a low income but can also be those who move between countries as migrant workers or have a poor credit history.
“The inability to obtain a bank account creates more problems and exposes people to debt and risky transactions. Sadly, these individuals are those most in need of secure money transfers – often they are sending money home to feed their families!
“For this reason, we wanted KogoPAY to be more than a conventional business turning a profit. Our success must be inclusive, and we must help people along the way.”
Currently KogoPay employs 22 staff and offers both B2B and B2C products globally, which are distilled into user-friendly apps. Once user identity is confirmed, clients are quickly up and running, eliminating the need for lengthy cash transfer procedures.
In March 2022, a new strategic partnership with the Private Office of HE Sheikh Abdulaziz bin Duaij bin Khalifa al Khalifa was announced. This will enable KogoPAY’s business to expand further into the United Arab Emirates, Bahrain and the wider Middle East.
What sets KogoPAY apart from other digital payment systems is its focus on social impact. “We have integrated community-based features into our products and services. Our philanthropic ethos is at the heart of our operations,” says Narisa with pride.
As a licensed financial operator, KogoPAY, conducted its first banking transaction in early 2022. In the near future, one of many social impact initiatives will take place in the form of a pop-up restaurant in London. Customers will be able to use KogoPAY, to buy takeaway Thai food with the option of paying for a meal for a homeless person. Similar systems are in place to allow donations to charities and home and overseas.
Because KogoPAY is designed as a universal system, the wealthier users can assist members in financial distress on whatever scale they prefer whether they buy one coffee or dinner for twenty people; it’s easy and seamless to offer a leg up.
The KogoPAY charitable foundation will not only open access for users to pay it forward as described above, but also creates a system to evaluate a list of projects the company can help and allow Kogo holders to vote on where to divert this funding.
Another big concept espoused by KogoPAY is its metaverse, which will be composed of meeting rooms, an NFT studio, showrooms, shops, art galleries, conference halls, museums and much more. People can engage on a one-stop virtual platform here and join a cultural phenomenon alongside a thriving community with retail and intellectual aspects.
“My mission is to run a conscientious financial technology company that helps us all pay it forward,” says Dr Chauvidul-Aw. The vision is to create the simplest finance system with the greatest social impact. To achieve this relatively simple vision, Narisa has campaigned tirelessly for years, fundraising and evangelising to bring her concept to life. The future is in the palm of our hands.