Khaled Hassoun, CEO & Co-Founder, Circlys
True leaders don’t wait for change – they create it. They don’t merely observe problems from the sidelines, hoping others will take the initiative. Instead, they roll up their sleeves and dive headfirst into the fray, leveraging their vision and determination to turn obstacles into opportunities. These visionaries possess an uncanny ability to devise pragmatic solutions for the most pressing issues facing their society, community, and country. Whether it’s tackling economic disparities or social injustices, they have a knack for distilling complex challenges into actionable strategies. Their proactive approach and unwavering commitment to positive change not only inspire those around them but also drive tangible progress, leaving a lasting legacy of innovation and resilience. Exemplifying this spirit of transformative leadership, a visionary leader who is revolutionizing financial practices by paving the way for a more inclusive and efficient financial system is Khaled Hassoun, the CEO & Co-founder at Circlys.
As a child, Khaled spent his summers working alongside his father, helping him sell electronics in his shop while absorbing the intricacies of business operations and the essence of stellar customer service. These early lessons in hard work and relationship-building became the cornerstone of his entrepreneurial spirit. During his university years, Khaled delved deeper into the business world through projects that focused on market research and developing growth strategies. These projects sharpened his analytical skills and strategic thinking, enabling him to make insightful recommendations and understand business models at a granular level. His hands-on experience in the shop and the practical knowledge gained from academic endeavors has been instrumental in shaping Khaled’s approach to business. It instilled in him the core values of hard work, strategic foresight, and a dedication to ongoing learning, all of which have been crucial to his success as an entrepreneur.
From Setbacks to Success: The CIRCLYS Story
The seeds of innovation often sprout from the most unexpected places, and for Khaled, it was the age-old practice of ROSCA (Rotating Savings and Credit Association) that set the wheels in motion. In Saudi Arabia, the tradition, known locally as “monthly associations,” has been a key part of community savings for generations. Long before the existence of banking systems, people would pool their savings each month into a shared fund that rotated among members. This practice was especially popular in the education sector and among employees in various fields. While participating in these financial circles with friends and family, Khaled observed a recurring issue with data sharing and agreement tracking. He realized that people often lose track of agreements made on day one due to the hustle and bustle of daily life, leading to confusion and disputes over payouts.
This realization sparked a groundbreaking idea—to digitize the traditional ROSCA model, making it more accessible and efficient for modern users. However, Khaled’s path to innovation wasn’t without its challenges. His first venture into the tech world, a software house creating applications, proved to be ahead of its time. In 2013, with smartphone adoption still in its early stages, the market wasn’t quite ready for its offerings. This experience, though challenging, provided Khaled with valuable insights into the importance of timing and market readiness in entrepreneurship. Undeterred by this setback, Khaled refocused his efforts on addressing the issues he’d observed in ROSCAs and this led to the birth of Circlys.
A Trusted and Modern Alternative to Traditional Financial Practices
In 2017, the Circlys application was launched, aligning with the Kingdom’s vision2030. With Circlys, Khaled sought to digitize and modernize ROSCAs by ensuring accurate record-keeping and incorporating privacy features, allowing participants to join anonymously. “Integrating technology enabled a more efficient and protected system, ensuring accurate records and smooth operations. This evolution has allowed CIRCLYS to grow and adapt, providing a modern solution to a traditional practice,” elucidates Khaled.
Circlys is closely connected with government databases and has secured all the necessary permits to prioritize user privacy and ensure safe operations. This integration not only enhances the user experience but also provides extra layers of protection for personal data and financial transactions. The CIRCLYS app is also fully compatible and compliant with Islamic Sharia and has been reviewed and approved by a Sharia consultant to ensure its compatibility with Islamic Sharia principles.
To use Circlys, users need to first download the app and log in through NAFATH for authentication and identity verification. They then verify their information, add their bank account, and choose an installment plan that fits their budget and commitment. The booking is reviewed by the Risk Department, which takes up to 7 working days. Once approved, users can either make manual payments or activate automatic payments. At the payout month, funds are transferred to the user’s bank account within 3 working days of their salary date. Users can start with installments as low as 500 SAR and choose from various commitment periods of up to 12 months. Even if others stop paying, the platform ensures that everyone is covered, providing an added layer of protection and peace of mind. Plus, all members are thoroughly verified and checked. This makes Circlys a trusted choice for those seeking a flexible, secure, and comprehensive approach to managing their finances.
Overcoming Skepticism and Building Trust
During the early stages of founding Circlys, Khaled and his team faced significant challenges. One of the biggest hurdles was winning the trust of potential users. As they were introducing a digitized version of the traditional ROSCA model, there was skepticism about its security and reliability. To tackle this, the team focused on creating a robust, user-friendly platform and ensuring transparency in their operations. They engaged in extensive educational campaigns to explain the benefits and safety measures of their system, which played a crucial role in alleviating concerns and building trust among users.
Another major obstacle was navigating the complex regulatory environment. As a fintech startup, ensuring compliance with various financial regulations required substantial time and resources. Khaled collaborated with legal experts and regulators to ensure that Circlys met all legal requirements and provided a secure platform for its users. Besides this, attracting initial users also posed a significant challenge for Khaled and his team. However, they started by targeting small, close-knit communities and leveraged word-of-mouth marketing to gradually build their user base. Providing excellent customer service and ensuring positive experiences helped Circlys grow steadily. These early challenges taught Khaled the importance of trust, compliance, and community engagement, which remain core principles of Circlys today.
Catalyzing Financial Inclusion and Economic Growth
Khaled’s vision for Circlys has not only revolutionized the way savings are managed but also sparked a broader socio-economic transformation. By digitizing ROSCAs, CIRCLYS has not only enhanced the security of transactions but has also fostered a sense of community and trust among participants, making it easier for individuals who might lack access to traditional banking services to save and manage their money effectively.
Economically, CIRCLYS has encouraged a culture of saving and financial planning among its users. The platform simplifies the complexities of tracking contributions and payouts, enabling users to maintain consistent savings habits with greater ease. This digital transformation has led to improved financial management and a noticeable uptick in savings rates among users. Beyond just facilitating savings, CIRCLYS offers invaluable financial education and resources, equipping users with the knowledge to make informed decisions about their finances. “By ensuring secure transactions and providing a reliable platform, CIRCLYS has built trust and encouraged more people to participate in these savings groups. This increased participation has led to a more robust and resilient financial ecosystem, contributing to the overall economic stability and growth in Saudi Arabia,” shares Khaled.
Fostering a Collaborative and Supportive Team Culture
As a leader, Khaled believes in fostering an environment where every team member feels genuinely valued and heard. “I aim to create a culture of innovation and shared responsibility by encouraging open communication and active participation. I trust my team to bring their unique perspectives and expertise to the table, and I support them in taking initiative and ownership of their projects,” he adds. At the heart of Khaled’s leadership are the core values of integrity, transparency, and continuous improvement.
Integrity forms the bedrock of his leadership, ensuring that all actions and decisions adhere to high ethical standards. Khaled also emphasizes transparency, promoting an open culture where team members are aligned with organizational goals and responsibilities. Being a strong advocate for continuous improvement, Khaled has embedded this principle into the team’s ethos, fostering a culture where challenges are seen as opportunities for growth. These guiding principles not only shape the internal dynamics at Circlys but also define how the company engages with clients and stakeholders, laying the groundwork for sustainable success and fostering strong, trusting relationships.
Insights from a Fintech Trailblazer
Drawing from his own journey of trials and triumphs, Khaled offers a wealth of advice for those aspiring to leave their mark in the industry. He emphasizes that success often springs from persistence and adaptability, urging budding entrepreneurs to see setbacks not as dead ends but as opportunities for growth. “In the world of startups, it’s not about avoiding falls, but about how quickly you can pick yourself up,” Khaled often remarks. Beyond resilience, he emphasizes the critical need for conducting in-depth research and staying attuned to customer feedback to develop solutions that genuinely resonate with the target audience. Networking, he believes, is the lifeblood of entrepreneurial success. Thus, he encourages aspiring business leaders to build a robust network and forge meaningful connections with mentors and industry experts while embracing cutting-edge technology and innovation. “The future is digital, and integrating advanced technologies into your business can provide a competitive edge. Stay updated with the latest trends and be willing to adapt to new developments,” he affirms.
Additionally, Khaled also underscores the importance of leveraging the growing support from government initiatives and programs to foster entrepreneurship in the region. Amidst all the strategic maneuvering, Khaled never loses sight of the most fundamental asset: integrity. “In the fast-paced world of fintech, your reputation is your most valuable currency,” Khaled asserts, reminding entrepreneurs that trust, once lost, is the hardest thing to regain in business.
Forging New Paths in Financial Literacy and Inclusion
Looking ahead, Khaled envisions a promising future for fintech in Saudi Arabia, brimming with growth and innovation. With the government’s Vision 2030 initiative as a catalyst, he sees a digital transformation sweeping across sectors, creating a fertile ground for fintech to flourish. He also anticipates a surge in technological progress, with cutting-edge technologies such as blockchain, AI, and machine learning becoming integral to financial services.
In this evolving landscape, Circlys is poised to play a pivotal role, pushing the frontiers of innovation and broadening its service offerings. The company’s mission is to further enhance financial inclusion by providing accessible and reliable financial solutions to a wider audience. Leveraging cutting-edge technology, it aims to offer more personalized and intelligent financial planning and management tools while serving as a catalyst in cultivating a culture of saving and financial literacy. “By educating our users and providing them with the tools to manage their finances effectively, we contribute to the overall economic stability and growth of the country,” Khaled asserts with conviction. As the fintech landscape evolves rapidly, Khaled is resolute in his commitment: Circlys will stay at the forefront, driving innovation and supporting the financial well-being of its users, ultimately aligning with Saudi Arabia’s broader vision for a prosperous and financially inclusive future.