Singapore fintech firm Atlantis launches digital bank in India
Singapore-based fintech company Atlantis on Monday said it has entered the Indian market with the launch of digital bank, Neo-Bank.
Eyeing the $15.7 billion global millennial banking industry, Atlantis has announced the launch of Neo-Bank for Gen Z and millennials, said a release.
The financial value of millennials to the banking system is expected to increase by almost 80 percent in the next five years to more than $27 billion from the current $15.7 billion in revenue that millennials contribute.
The company believes that customer-first intelligent systems and design will drive the future of neo-banking. Neo banking is an online concept where there are no physical branches of a bank and customers transact all services digitally.
Neo-Bank aspires to play a leading role in driving the transition to 'self-driven finance' by providing its customers with a smart, speedy, and easy to use, platform with an initial focus on India and South-East Asia, Atlantis said.
The company believes that market adoption for their platform can be massive in India, given the 10 million-plus youth working in metros and Tier-I cities across the country.
"With the technology ecosystem evolving fast, young consumers have been looking for a platform that is more than a place where they can park their savings. Neo-Bank understands their relationship with money and will help them manage their finances hassle-free, said Vineet Jain, COO, Neo-Bank, India.
The bank is looking to sign up not more than 3,000 users in the first three months as it aims to create a personalised experience for each of its users.
Currently, it accepts a new user either through a waitlist or via an invite from an existing member. Already more than 5,000 customers are on the waitlist, it claimed.
Atlantis will also be launching a transaction banking and lifestyle business for teens very soon, it said further.
Edited by Megha Reddy