Singapore based fintech firm Atlantis has entered the Indian market with the launch of digital bank, Neo-Bank. Atlantis, a Singapore-headquartered fintech company has announced the launch of Neo-Bank for Gen Z and millennials.
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.
“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 India, Neo-Bank.
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.
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 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.