Are Digital Banks or Neobanks Leading the Charge in the Financial Revolution? Let's Find Out!

The financial landscape is undergoing a seismic shift with the advent of digital banks and neobanks, reshaping the way we think about banking. While discussing Digital Banking’s Role in Shaping Financial Inclusion in Southeast Asia , the CEO of Unobank , Manish Bhai , said that Digital banking solutions can serve as a cornerstone for inclusive economic growth by extending basic financial services to a vast, previously untapped market.

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A private bank in India has teamed up with a fintech start-up, known as a neobank, to transform the employee benefits system. The neobank provides a versatile solution featuring a multi-use card, a mobile app, and a digital account with multiple payment wallets. Through this collaboration, the bank and neobank have launched a benefits card that streamlines the distribution of employee benefits for organisations and makes it easier for employees to access them. The solution employs cutting-edge mobile technologies and is based on the IndiaStack framework, integrating e-KYC from the Unique Identification Authority of India (UIDAI) and the Unified Payments Interface (UPI) implemented by the National Payments Corporation of India (NPCI) in 2016. The impact of such a solution is evident as NPCI had announced in September 2023 that UPI Breaks Record Of 10-Billion Transactions In August 2023.?

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• The Rise of Neobanks: A Disruptive Force in Traditional Banking

At first glance, digital banks and neobanks may seem indistinguishable, both operating online without physical branches. However, the distinction lies in their licensing and operational models. Digital banks are often the online-only subsidiaries of established, regulated banking In contrast, neo banks exist entirely online and may operate independently or in partnership with traditional banks, typically lacking a banking license of their own.?

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Inviting Corporate Enthusiasts?

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Calling Editorial Contributors?

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