Neobank Inypay to be launched by Indian entrepreneurs in Southeast Asia

Singapore, January 17 (ANI): Neobank Inypay, based in Singapore has announced that it would begin operations in the second quarter of this year. After a lucrative pre-seed round of USD 1 million in September 2022, it intends to raise its seed funding round in the upcoming months. Micro-lending, remittances, domestic payments, e-wallets, customised and group savings, as well as micro-insurance throughout Southeast Asia, would be the main areas of concentration for the soon-to-be-launched digital bank. Blue-collar workers, foreign domestic workers, and micro, small, and medium-sized businesses make up its target market (MSMEs). Currently, the fintech startup employs over 30 people in Singapore, India and Vietnam, and plans to be launched across five countries. The founders were born in India and received their education there but have extensive work experience in this region. They have worked in such firms as Standard Chartered Bank, RHB Banking Group, Capgemini, DBS Bank and Tonik, a fully digital bank launched in the Philippines.