[UAE, 4th September 2024] – Yabi, a leading financial technology and education platform, is pleased to announce the appointment of Rakhil Fernando as its new Chief Executive Officer, succeeding founder and former CEO Ambareen Musa. Rakhil brings a wealth of experience and a proven track record in scaling digital platforms across Asia, most recently serving as Managing Director at Alibaba’s Daraz Group, a prominent e-commerce marketplace in South Asia.
With over a decade of experience in the technology and fintech sectors, Rakhil has demonstrated expertise in managing large-scale operations, driving innovation, and executing strategic growth initiatives. As CEO of Koko, the financial services arm of Daraz Group, he led the successful launch of its Buy Now, Pay Later (BNPL) solution, rapidly driving adoption among both merchants and consumers.
Rakhil’s leadership extends beyond product development to innovation and corporate strategy, having also served as Group Chief Corporate Officer at Daraz, where he oversaw government relations, corporate communications, and stakeholder engagement across multiple markets. Before joining Alibaba, Rakhil played a pivotal role in driving external innovation for MetLife across the Asia Pacific region. He was also the founder and CEO of Kashmi, a peer-to-peer payment platform (now Flash Bank), where he led its growth and transformation into a digital-first neo-banking solution. Additionally, Rakhil held senior leadership roles at both Credit Suisse and Coutts & Co., where he managed high-net-worth client portfolios and drove strategic initiatives in private banking.
In his new role as CEO of Yabi, Rakhil will lead the company’s mission to democratize financial access by offering users personalized tools for educating and enabling saving, spending, and investing. Under his leadership, Yabi will continue its expansion throughout the MENA region, furthering its vision of promoting financial inclusion through digital innovation.
“I am honored to lead Yabi at such a transformative time in its growth. Ambareen has built an outstanding platform, and I am excited to build on that foundation by advancing our strategic initiatives to help users achieve financial independence through smarter money management tools,” said Rakhil Fernando, CEO of Yabi.
“Yabi has consistently demonstrated its ability to innovate and make a meaningful impact in advancing financial literacy. The board is confident that, under Rakhil’s leadership, Yabi will continue reaching new milestones, expanding its influence, and solidifying its role as a driving force in promoting this goal through cutting-edge financial technology and engaging content. As Chairman, I, along with the board, am fully committed to supporting Rakhil and Yabi’s mission to democratize financial access and enhance financial well-being across the region,” said Wafik Ben Mansour, Chairman of Yabi.
Yabi has made significant strides in delivering comprehensive financial wellness solutions. Its widely adopted app empowers users to better manage their savings, expenses, and investments, offering a one-stop destination for financial well-being. By providing both learning tools and educational content, Yabi helps users take control of their financial health. Under Rakhil’s leadership, the focus will be on scaling Yabi’s product portfolio, forging new partnerships, and exploring innovative financial services to meet the evolving needs of its rapidly growing user base.
For more information about Yabi and its products, visit www.yabimoney.com.
About Yabi
Yabi is a financial technology platform that provides users with personalized tools to manage their savings, spending, and investments. With a mission to promote financial wellness, Yabi is dedicated to democratizing financial access through cutting-edge technology and user-centric solutions.
