Singapore based Fintech firm Atlantis has reportedly launched a digital bank in India. The company’s business aims to target the estimated $15.7 billion global Millennial banking market.
The neobank will mainly focus on serving Millennials (people born around 1980 to 1996) and Gen Z (born in the late 1990s to mid-2000s) consumers. The banking sector for younger consumers is expected to grow by nearly 80% by 2025, and could be valued at over $27 billion.
Atlantis’ management believes that customer-centric and intelligent financial systems will drive the future of Fintech and digital banking services.
The company noted that its neobanking solutions may be well-suited for India’s large young population, which includes many tech-savvy professionals.
Vineet Jain, the firm’s COO in India, stated:
“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. [We] understand their relationship with money and will help them manage their finances [in a] hassle-free manner.”
The bank’s management said that they’re only planning on signing up around 3,000 users during the first three months, because they want to focus on offering more personalized user experiences.
At present, the bank is allowing consumers to sign up on its waitlist or some potential users may receive an invite from one of the current members. The company claims there are over 5,000 customers already on its waitlist.
Atlantis will also be offering transaction banking and lifestyle business services for teenagers, the company confirmed.
Consumer spending in India is significantly lower due to COVID-19 related uncertainty. UPI and digital payments have also declined as lockdown measures are gradually being eased across the nation.