Khalid Parekh arrived from India with just $100 in his wallet in the mid-90s. He is the founder and CEO of Fair, an ethical and socially conscious neobank established in 2021.
Apart from Fair, Khalid Parekh is the CEO and Founder of AMSYS Group, a leading global investment and technology company with a market capitalization of $350 million.
The company is celebrating its 20th anniversary. AMSYS continues to grow its investment and know-how across various business areas, including Energy, Technology, Finance, Logistics, Engineering, and Healthcare.
The entire AMSYS work is supported by experienced teams of experts with decades of working experience within their specialties. AMSYS prides itself on being an unwavering business partner founded on the values of honesty, respect, honor, and mutual profit.
All decisions made by AMSYS are designed for the success of the AMSYS family, comprising employees, clients, and partners.
Khalid can also be found. An active member of the highly regarded Forbes Finance Council and an occasional author, including for Fast Company.
What was the source of the idea for AMSYS Group come from?
AMSYS Group is a leading international investment firm. We are in our 20th year, expanding our expertise to various sectors, such as Energy, Technology, Finance, Logistics, Engineering, and Healthcare.
The idea of AMSYS was born from the fact that I was an expert in the field of information technology.
I was aware that if I put in the effort, I could build an organization that could solve the information technology issues of companies and individuals in Houston.
I also realized that I could expand it across the United States with time. As I gained more capabilities and experience, I could develop in various related fields like cybersecurity, healthcare, and financial technology.
That’s how things worked out! Regarding Fair bank, when I arrived in America, the U.S. from India, with only $100 in my pocket, I had to fight to get a loan and create an account at a bank.
Based on my experience, I realized there was a need for a responsible, customer-first financial service company that would help promote economic independence and help our customers learn the basics of financial literacy in their native language.
We could not find a financial institution that adhered to these principles. We decided to create FAIR.
Therefore, in many ways, FAIR is a personal mission. The fair mission is highly subjective to us.
What would your typical day take? How can you maximize your productivity?
My day begins with my family. I’m blessed with my wonderful family and wife, and I try to spend as many moments with them as I can in the mornings, including breakfast and taking my kids off to school.
After school, I am at work to deal with the issues that CEOs are faced with on a daily day basis.
I know that our employees are our greatest asset and that AMSYS could not function without them.
Therefore, I ensure they have the necessary tools to complete their work correctly and know they are valued at AMSYS.
Of course that all businesses must generate a profit. That’s why I devote a significant part of my time to ensuring we’re keeping our financials in good shape and constantly searching for new opportunities to grow our business.
How do you bring your ideas to your
You must indeed be intelligent and driven; however, you must also be able to be quick, and this isn’t easy. I try my best to help bring ideas to reality in AMSYS by working with my team to think of the most effective solutions and services we can offer our clients and customers.
I also spend a lot of time researching to ensure we can explore new and exciting business sectors fast enough to keep us up and running whenever possible. Easy.
What is one trend that excites you?
A variety of sectors of business enthralls me. However, FinTech (also known as financial technology) is one area that has caught my attention.
As I mentioned earlier, when I came to America from India twenty decades ago, I had a difficult time with my experience with the American banking system, as it was and is unorthodox traditional, bureaucratic, and traditional.
The use of technology in financial services allows people to conduct their banking and other financial transactions in a more straightforward and paper-driven way.
I am convinced that technology in finance will have the ability to enhance our lives drastically when it is used properly. This is why I’m working towards it.
What’s an action you take that will help you become more productive as a business owner?
I’m not sure if one can call it an obsession. However, I have a mind that is always on the lookout for fresh concepts and trends.
I think this makes me more efficient as a business owner. While it’s sometimes like there aren’t sufficient hours to go around, I try my best to address the most pressing issues within every 24-hour time frame as much as possible.
This way, I can be sure that I’m making sure that my time will be a friend and not my enemy.
Do you have any advice you would impart to your future self?
If I could offer my younger self some tips, I would take pleasure in the ride.
The ambition was never a challenge as someone who worked hard and is a hard worker. The way to achieve this is to be accomplished and happy every day.
Naturally, being young and having the entirety of your life’s issues to overcome, it’s hard to let go of worries.
Let us know something you believe to be the truth that virtually no one is with you on.
There are sure to be a lot of issues that people disagree with me on, but I will be able to think rationally and clearly in the late hours of late at night.
I’m aware that many people aren’t happy with that, and they wish to sleep, which I fully understand! In the end, there’s nothing better than a good night’s rest.
There’s something in the early hours of the early morning which allows my brain to concentrate and enjoy the tranquility.
Being an entrepreneur, what’s the thing you’ve done over and over, and what would you recommend to everyone else to do?
As an Entrepreneur, I keep looking for business opportunities in different areas of the economy over time.
This has allowed me to extend AMSYS into other areas like healthcare, banking, and cyber security.
And I recommend it to others too. I truly believe that entrepreneurs acquire transferable abilities to other areas, which can be applied to many other fields. There’s no reason to be confined to one place.
What’s one thing that has allowed you to grow your company?
One method that has helped me grow my business year-on-year is finding staff members with high-performing skills and welcoming them into my group so they feel they are part of our shared success.
I don’t think any business can be successful without its staff members believing they can gain from its growth.
That’s why this is an area I’ve been very focused on, and it’s paying off.
What was one of the mistakes you faced as an entrepreneur? If so, how did you get over it?
I’m not sure if I’d consider it a complete failure. However, early in my career, I did not always see the value in consulting with senior entrepreneurs who have “been there and done that,” in a way.
Being able to gain a bit of age and expertise under your belt will have the capacity to help you realize that while it’s crucial to learn from your own experiences, there are a lot of people who’ve had similar experiences and are often ready to talk about their knowledge.
Thus, I strive to seek out people with something valuable to share frequently, which has proven a unique experience for me. I encourage others to follow suit.
What’s the best business idea you’d like to offer to our readers?
I’m not usually willing to share what I consider good business ideas.
Still, I suppose that the slow aging population and technological development create the opportunity for businesses to bring healthcare to those who reside and work rather than forcing them to travel to get it.
This refers to how healthcare was once offered, such as via home calls, birthing at the mother’s home, etc.
With the rise of hospitals and doctors’ offices, labs, managed care, etc. In the past, many people spend much of their time and effort traveling to receive medical care.
However, I believe there’s an opportunity for those who wish to use technology and creative ways of thinking to bring technology-based healthcare straight to their patients. It’s just an idea!
What was the most memorable $100 you’ve ever spent? Why?
I spent the most expensive $100 on a present for a close friend. I knew they had an eye on something, so I bought it. It doesn’t matter the item.
I’m a massive believer that giving is more rewarding than receiving.
If you know what someone would like and have the funds to buy it, little presents for those who are important to you are always an excellent idea.
What is the one application or web service that can help you be more productive?
I’d say that the most efficient piece of software I use for almost every single minute of the morning is WhatsApp.
Like most of your readers are likely to know, it’s freeware, cross-platform, centralized instant messaging, and voice-over IP service that Meta Platforms own.
With the security it offers and the capability to remain connected to many people on various issues at any given time, It’s hard to beat it!
What is the most important book you think your community read, and why?
There’s a book available I highly recommend titled ” The Culture Map: Breaking Through the Invisible Boundaries of Global Business.”
The author is Erin Meyer, and she explains how to ensure that people of significantly different backgrounds and diverse countries collaborate effectively, even within organizations.
Based on her studies, she gives real-world examples of how to achieve this. I found it to be exciting and valuable.
What is your most cherished quote?
I have a variety of notable quotes for me, but I enjoy this quote from Lucy Ball: “Ability is of little account without opportunity.”
I have found this to be true. Knowing that certain people have fewer chances than we do is essential.
Giving people the opportunity to succeed could go a long way in helping them reach their full potential.
I do my best to accomplish that to the best of my ability, whether through job opportunities in my businesses or through the financial benefits that can be gotten from Fair bank.
What Key Learnings “Does Khalid Parekh” could offer to Enterprenuer readers?
Financial literacy and financial independence are essential to any businessperson. Do your best to develop your expertise in this field and find an organization that can assist in this.
Don’t limit yourself to only one area. As an entrepreneur, you’ve developed capabilities and contacts applicable across various fields and should use them.
Don’t forget that certain people are less fortunate than us, which can hinder their potential to succeed.
Successful entrepreneurs don’t forget this and strive to create opportunities in their quest.
There is a lot of value in consulting more experienced executives who’ve “been there and done that,” so to say.
While it’s essential to acquire wisdom from your own experiences, many others have had similar experiences and are usually willing to share their experiences.
Do not be afraid to inquire whether you can get their advice.