Sri Lankan – founded Kashmi launches digital banking platform for East Asia
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The Kashmi team at their Singapore Office
Kashmi, a group of Sri Lankan technology entrepreneurs that ventured into the Singaporean market nearly 12 months ago, has transformed the way millennials transact.
Now the largest person-to-person mobile payment system in Singapore, it caters to approximately 15,000 account holders and processes around in Singapore $1.5 million in transactions per month, the company said in a media statement.
Kashmi’s growth trajectory is due for another boost in the coming months with its aggressive expansion into the fast growing East Asian markets of Cambodia, Indonesia and the Philippines where Kashmi will be launching the next generation of payment platform – the region’s first completely digital bank.
“Given the large population of unbanked and under-banked users in these countries; particularly amongst our key demographic of 18 to 35 year olds, we felt Kashmi had huge potential in the region,” noted Mufaddal Lukmanjee, CTO Kashmi. “We are currently working with leading regional banks to launch the first digital only banking platform in these countries. The Kashmi Neo Banking App will provide unparalleled features to our account holders – users can simply download the mobile application and create a bank account within three minutes.”
The statement said that the rise of Neo Banking platforms are a growing trend across the world with services such as Moven, Simple, GoBank, Bluebird, Mobile Money and Timo appealing strongly to the millennial user-base. The platform embraces all the positives of a traditional bank such as security and regulation by the financial authorities, creating checking and savings accounts, term deposits, loans and third party payments with none of its typical weaknesses such as long queues, etc.
Kashmi was recently acclaimed by Fintech News as one of “Singapore’s Hottest Fintech Startups” and is on course to releasing its new banking application in early 2017.
Kashmi CEO Rakhil Fernando added that they were not looking at antagonising traditional banks by competing directly with their current business lines.
“Quite contrary to this we are actually working closely to forge strong relationships with strategic banking partners to structure a mutually beneficial partnership”.