Thursday, 14 March 2024

Inypay Update Highlights Significant Growth and Plans for Regional Expansion

by Earn Media

Inypay, a neo-bank headquartered in Singapore, recently took to LinkedIn to announce substantial progress in its initiatives to enhance financial accessibility across Southeast Asia. 

In a detailed update, the bank revealed the successful launch of its consumer and partner applications, INYPAY & INYPAY Partner, in Singapore. 

This introduction signifies a robust market entry, underscored by the implementation of an Early Payday program with over 20 local businesses.  According to the bank, the initiative has received an overwhelmingly positive response, reflecting the potential for substantial impact and revenue generation shortly after its launch.

The bank has also reported strides in building its user base and enhancing brand identity with a growing number of app downloads and active users. Further bolstering its market presence, Inypay has secured its brand by approving six trademark applications by the Intellectual Property Office of Singapore (IPOS).

Inypay has made significant investments in its technological infrastructure, developing core banking, customer relationship management (CRM), and digital banking platforms in-house.

The bank states that this ensures technological independence and fosters partnerships with industry leaders such as AWS and Atlassian. With three lending products ready and two more in the pipeline, Inypay is gearing up for a broader service offering.

The bank’s team, comprised of over 30 professionals across Singapore and Chennai, India. Supported by US$ 2.1 million (SG$2.8 million) from angel investors, high-net-worth individuals, and institutional investors, the bank is well-equipped for continued growth and expansion.

The bank’s vision extends to addressing the financial needs of approximately 280 million Southeast Asian people currently underserved by traditional financial institutions.

In the future, the bank aims to secure an additional US$5 million (SG$ 6.66 million) in funding to further its expansion across six countries, including Singapore, India, the Philippines, Indonesia, Bangladesh, and Vietnam.

Featured image credit: Edited from Inypay

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