Business

5 Steps That Took Abdul Moneeb Ilyas From Rags To Riches

Published

4 years ago

May 1, 2020

What has made Ilyas an Internet sensation, however, hasn’t been his lavish lifestyle (although that’s certainly played a part). It has been his desire to educate his audiences on the importance of establishing good habits, learning from valuable resources, and most of all, reading.

He calls this intersection “edu-tainment,” giving his audiences just enough lifestyle footage that they feel entertained, without losing the educational aspect of his message.

I had the opportunity to sit down with Ilyas and reflect on his journey. How did this entrepreneur with hundreds of millions of views to his name go from rags to riches?

1. Take Risks At An Early Age

Ilyas had the hunger to be an entrepreneur ever since he was a young kid. His first step into the world of entrepreneurship was at Fifteen years old, when he began selling FIFA Ultimate Team Coins.

“I seen an opportunity as I was great trader, I used buy players cheap and sell them for a higher price, Then my friends used to want to buy coins from. This gave me the idea to sell on eBay.’ he said.

In a sense, this is a metaphor for how Ilyas executes his social media content today. He knows that in order to reach large audiences, he needs to give the people what they want and not give them what he wants.

2. Adopt A Lifestyle-Focused Mindset

Part of becoming successful, he said, is about figuring out the lifestyle you want to live and then working backwards. You have to reverse engineer where it is you want to end up, and what you can do in order to get there.

“I always knew whatever I ended up doing, it needed to involve traveling,” he said. “I enjoy meeting new people, interesting people, smart people. I like reading. I wanted a life with a bit of adventure. So I thought hard about what I could do that would allow me to do all of those things. I asked myself what my business would have to look like in order to accomplish those personally satisfying goals. And the personal brand you see today reflects exactly that.”

If you want to live your ideal lifestyle, you need to ask yourself what you can do that will manifest that lifestyle in the first place. From there get excited about that lifestyle and mentality and that passion will overflow into your work and success.

3. Develop A “Daily Brain Budget”

Ilyas, who frequently advocates for digital courses and mentors over a college education, believes there is no excuse for someone to not be reading and learning every single day. From autobiographies to self-help, celebrity stories and beyond, Lopez has built a following off of sharing stories and lessons from every industry that people can learn from.

His theory is that we should all have a “daily brain budget.” What he means by this is understanding how much input you need in order to continue a positive growth curve for yourself.

“If you aren’t prioritizing and setting aside time for your own development, you’re going to fall stagnant,” he said. “You have to make the time, and invest that time wisely, no differently than if you were to invest any amount of money in yourself.”

4. Test, Optimize, Repeat

He went on to explain that part of entrepreneurship is to always be doing and improving. You have to try things in order to know if they’re going to work or not. And, as his grandpa had told him, “Once is luck, twice is skill. I’ve done it more than once at this point, so now it’s a skill.”

5. Build A Personal Brand Around What You’re Best At

Ilyas has a personal brand recognized by millions around the world. But ask him how he’s built that for himself, and he won’t say self-promotion.

“People think it’s a show, but these are just the things I like to do. I built a personal brand around who I already am, instead of who I wanted people to see me as, and I think that’s where a lot of people go wrong. It has to be authentic, otherwise no one is going to get on board,” he said.

He went on to explain that while people can’t necessarily succeed by following his same formula, because each person succeeds in different ways, they can learn from the principles he shares and apply them accordingly.

After all, he said, “If I can do it, you can do it.”

Business

Opportunities for Black Banx in Emerging Markets

Published

8 hours ago

May 5, 2024

Matthew Wiles

A significant digital transformation is underway in the world of finance, marked by the emergence of non-bank innovators offering a diverse array of financial technology products and services. This transformation is not confined to established markets; rather, it extends its reach into emerging economies, offering a compelling digital alternative to traditional banking institutions. These alternatives are particularly vital in addressing the issue of financial exclusion, which has left substantial populations underserved by traditional banking systems.

Among these innovative digital banking entities stands Black Banx, a fintech brand dedicated to fostering financial inclusion in emerging markets by seamlessly integrating banking services into digital ecosystems. Founded in 2014 as a visionary concept by German billionaire Michael Gastauer, Black Banx swiftly evolved into a global force in the global financial market Officially launched in 2015, the institution rapidly garnered international recognition, extending its services to 180 countries and territories from its inception. Within a mere 12 months of operation, Black Banx amassed over 1 million customers, marking its initial expansions in key regions such as the United States, United Kingdom, and Hong Kong. At present, with a customer base exceeding 40 million as of February 2024, Black Banx stands as one of the fastest-growing digital banks not only in developed countries but also in emerging markets.

What Are Emerging Markets?

An emerging market mostly describes the economic landscape of a developing nation progressively engaging with global markets during its growth trajectory. These economies possess some but not all of the defining characteristics of developed markets, which typically exhibit robust economic growth, high per capita income, well-established equity and debt markets, foreign investor accessibility, and a reliable regulatory framework, according to Investopedia.

As emerging market economies evolve, they tend to integrate more deeply into the global economy. This integration fosters increased liquidity within local debt and equity markets, heightened trade volume, and augmented foreign direct investment. Moreover, these economies witness the emergence of modern financial and regulatory institutions as they transition from low-income, less developed, often pre-industrial states to modern industrial economies with elevated standards of living.

With improving standards of living, the demand for financial security and opportunities escalates, underscoring the pivotal role of banking services. However, traditional banks face challenges stemming from bureaucratic processes and sometimes limited services. Conversely, fintech firms are gaining prominence owing to their convenience, user-friendly interfaces, and expedited signup procedures. Furthermore, their accessibility anytime and anywhere with internet connectivity enhances their appeal to the public.

Strong Demand for Financial Technology

The surge in digital banking adoption, particularly conspicuous in emerging markets, owes much to innovations originating in these regions. For instance, nearly nine out of ten consumers in the Asia-Pacific region, encompassing both emerging and developed markets, actively utilize digital banking services, with a significant portion expressing openness to expanding their usage through digital channels.

Enthusiastic adoption of fintech tools and e-wallets among consumers in emerging markets has propelled the market penetration of these innovative solutions beyond levels observed in developed markets. In the emerging Asia-Pacific region, the penetration of fintech apps and e-wallets surged to 54 percent in 2021, compared to 43 percent in the developed segment. This is indicative of the accelerating shift towards fintech transactions and services, as per McKinsey & Company.

A portmanteau of finance and technology, fintech refers to the burgeoning industry of companies utilizing computer programs and other technologies to provide support or enable banking and other financial services. In developed nations, there’s been a rapid expansion and adoption of fintech technologies ever since businesses and even governments started accepting digital financial transactions as a standard mode of payment. But even in emerging markets, the demand for fintech has also skyrocketed as more people report a diminishing reliance on cash for weekly expenditures.

Identifying Opportunities in Emerging Markets

Launching a successful digital bank entails navigating a myriad of challenges, irrespective of the market’s maturity. However, digital banking in emerging markets presents its own unique set of hurdles, particularly in securing widespread adoption among mass-market consumers. To thrive in any market landscape, a digital bank must first establish meaningful access to its target customers. While the initial interaction may appear straightforward in the digital realm, the reality proves more nuanced.

The proliferation of digital advertising notwithstanding, capturing customer attention remains a formidable task, compounded by the intricacies of onboarding procedures, even for digitally savvy clients. Moreover, the reliance on app downloads as a precursor to engagement further heightens the barriers to entry as first-time users may find them intimidating.

Building a solid trust relationship with customers is important for digital banks to maximize their opportunities in emerging markets. Trust, arguably the linchpin of sustained usage, demands meticulous investment in creating positive onboarding experiences and fostering comprehension of banking channels and products. However, achieving this trust quotient is not easy, especially in emerging markets with lower access to financial services and digital literacy.

Black Banx’s Success in Emerging Markets

Black Banx is a digital bank focused on empowering financial inclusion in emerging markets by integrating banking into digital ecosystems. It was founded by German billionaire Michael Gastauer who always believed that well-designed financial services have the potential to uplift even the most marginalized segments of society, providing them with enhanced economic opportunities.

Consequently, Black Banx is steadfast in its mission to promote financial inclusion while harnessing the advancements within the fintech landscape. Today’s digital technologies offer unprecedented tools to reconstruct banking paradigms, especially for those underserved by traditional financial institutions, with smartphones and laptops serving as gateways to financial empowerment. But while Black Banx makes use of the most advanced fintech technologies, including blockchain and artificial intelligence, it delivers an intuitive and easy-to-navigate user experience through its website and mobile app so even the inexperienced or less tech-savvy consumers won’t have a hard time using its platform to carry out financial transactions.

With his expertise and decades of experience in the financial industry, Gastauer has a keen eye for trends and what works in different markets. So instead of delivering different experiences for developed and emerging markets, the renowned fintech mogul opted to roll out the same suite of services to both because of his motivation to realize financial inclusion and offer only the best banking experience to all. As such, Black Banx facilitates seamless transitions between physical and digital currencies and even cryptocurrencies. The digital bank also tailors its channels to accommodate customers at various stages of their digital journey, ensuring that they feel guided every step of the way until they achieve their financial goals. All of these contribute to Black Banx’s success in emerging markets.