Neo-banks are the new aim for entrepreneurs for digital banking licence whenever it comes
By MYBRANDBOOK
Neo-banking is the new term in the fintech world. While some large fintech players are expanding into complementary services and terming themselves as neo-banks, there are entrepreneurs with pedigree who want to start off as a digital banking platform in collaboration with a scheduled commercial bank and eventually apply for a banking licence, whenever it is on offer.
Neo-banks are a category of fintech players which offer the technology layer through an interactive mobile or web application, digitise multiple banking processes, offer savings and investment services online—all without any physical branch and riding on a banking licence of a commercial bank.
Not all neo-banks are in the same business. While a few are targeting small enterprises like Open and targeting blue-collar workers like Niyo, there are a few who want to cater to the needs of the youth and school- and college-goers. While the customer segment might be different, eventual product categories continue to be similar.
The aim for every entrepreneur entering this sector is a digital banking licence or a neo- banking licence, as it is called in different parts of the world. There has been hardly any commentary on such licences from the Reserve Bank of India, which regulates the banking domain. But with Singapore, South Korea and Hong Kong already giving out such licences and the United Kingdom seeing the success stories of neo banks like Monzo, these entrepreneurs are taking a bet on the future.
Neowise is actually bringing the solution of Stockholm-based neo-bank Gimi. The founders have partnered with the European company and are customising their solutions for Indian consumers. They are bringing in the data security and privacy principles of Gimi, so that they can track user data but with due consent and with due respect to privacy of their consumers.
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