Fintech News Singapore
March 13, 2024
Singapore-based neobank Inypay recently took to LinkedIn to announce significant progress in its plans to improve financial access across Southeast Asia.
The details include updateThe bank said it has successfully launched its consumer and partner applications, INYPAY & INYPAY Partner, in Singapore.
This introduction marks a strong market entry as we implement our Early Payday program with over 20 local businesses. According to the bank, the plan received an overwhelmingly positive response immediately after launch, reflecting its significant impact and revenue-generating potential.
The bank also reported that it has made great strides in building its user base and strengthening its brand identity with more and more app downloads and active users. Further strengthening its market presence, Inypay has secured its brand with the Intellectual Property Office of Singapore (IPOS) approving six trademark applications.
Inypay has invested significantly in its technology infrastructure, including developing its core banking, customer relationship management (CRM) and digital banking platforms in-house.
The bank says this ensures technological independence and fosters partnerships with industry leaders such as AWS and Atlassian. Inypay is preparing to offer a wider range of services, with three loan products in place and two additional products in the pipeline.
The bank’s team of over 30 professionals spread across Singapore and Chennai, India. With US$2.1 million (SG$2.8 million) in support from angel investors, high-net-worth individuals and institutional investors, the bank is well-poised for continued growth and expansion.
The bank’s vision has expanded to address the financial needs of the estimated 280 million people in Southeast Asia who are currently underserved by traditional financial institutions.
In the future, the company plans to secure additional funding of US$5 million (SG$6.66 million) to expand its business to six countries, including Singapore, India, the Philippines, Indonesia, Bangladesh, and Vietnam.
Featured Image Credit: Edited by Inypay