Inypay, a Singapore-based neobank founded by Indian entrepreneurs, is set to be launched in the second quarter of this year. The neobank plans to raise seed funding in the coming months after a successful pre-seed round of $1 million in September last year.
The digital bank's key focus is going to be micro-lending, remittances, domestic payments, e-wallets, personalised and communal savings as well as micro-insurance in Southeast Asia, according to a report by ANI.
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The founder and chief of the neobank Arivuvel Ramu has led digital transformation programmes for banks across Southeast Asia, Middle East, and North America in the past.
"We're here to drastically improve the lives of the underserved and unbanked by building a legendary financial institution in Southeast Asia with an estimated value of $2 billion by 2026", Ramu told ANI.
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Currently, the bank employs over 30 people in Singapore, India and Vietnam.
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Talking about his previous experience in building a neobank in a developing economy, Ramu said "I built the first successful neobank in the Philippines with a digital engagement platform. Now, it's time to build Asia's first financial experience platform ".
The neobank's leadership comprises of members with roots in India but have worked in the worked in global banks as Standard Chartered Bank, RHB Banking Group, Capgemini, DBS Bank and Tonik.
The neobank's chief experience officer Sudhir Nain is also the founder of Bayzil design studio and has 22 years experience in UI and UX according to the neobank's website.
The company's chief partner channel officer Senthil Sambandam has over 22 years in IT sales, partner channel and business development. The CPO is also the co-founder of Intelizest a company which works in facilitating supply chain automation.