List of Top NEOBanks in Asia – Why NEOBank will be the trend of the world in the next 5 years?

List of Top NEOBanks in Asia – Why NEOBank will be the trend of the world in the next 5 years?

NEOBank, the term is no longer unfamiliar to the technology world (especially those working in the banking and finance sector).

We have briefly known the concept of NEOBank through the article What is a NEOBank? How do NEOBanks make money?

So today, let's find out with FinFan the top NEOBank companies in Asia and why NEOBank will be the trend of the world in the next 5 years.

Top 3 NEOBanks in Asia

  1. WeBank (China)

*WeBank is a private Chinese NEOBank, founded by Tencent, Baiyeyuan, Liye Group, and other companies. Tencent is the single largest shareholder, with an estimated 30 percent ownership share. In 2019, WeBank's estimated valuation was US$21 billion.

Headquartered in Shenzhen, China, WeBank was approved by the regulatory authorities in December 2014, and began its operations in 2015. On January 4, 2015, Chinese Premier Li Keqiang pressed the "Enter" key on a computer terminal at the Shenzhen Qianhai WeBank office, initiating the company’s first-ever loan of RMB 35,000 (US$5600), to a truck driver.*

*Sourced by Wikipedia

The advantage of this bank is that it can access potential customers from the parent company Tencent (which is a leading technology company in China).

  1. MYBank

*Alibaba-backed online lender MYBank has joined the ranks of several state-owned commercial banks involved in China’s digital yuan pilot program, becoming one of the first privately owned banks to participate in a trial aimed at introducing a sovereign electronic currency system which is widely believed will revolutionize the country’s online payment industry.

Being one of the parties enlisted for the research and development of China’s digital currency, six-year-old MYBank will “steadily advance the trial pursuant to the overall arrangement of the People’s Bank of China (PBOC),” a MYBank spokesperson told Caixin on Tuesday, without elaborating on the matter.

MYBank differentiates itself from traditional commercial banks by using cloud technology to lower financing costs and fast-track the loan approval process particularly for small- and medium-sized enterprises, which have grown in recent years.*

*Sourced by Caixing Global

  1. Kakaobank

*KakaoBank Corp is a South Korean mobile-only bank and financial technology company established in 2016 by Korea Investment Holdings and Kakao Corp.

The banking service went public in July 2017 after getting a huge spotlight mainly due to its simplicity and unique and intuitive UI and UX. The bank attracted more than 240,000 customers within the first 24-hour-operation. The mobile app-based lender has achieved more than 10 million customers by July 11, 2019.

As of March 31, 2021, Kakaobank's customer volume is more than 14.2 million. Kakaobank's services include loan, deposit, debit card, overseas remittance and some other financial services.

Kakaobank provides products via its mobile apps which adopt easy identification (KYC) methods. Kakaobank's UI and UX are considered very intuitive. In July 2019, Kakaobank's Android app was recognized as No.1 banking app based on MAU and the most downloaded banking app in the country by igaoworks.*

*Sourced by Wikipedia

Why NEOBank will be the trend of the world in the next 5 years?

Firstly, NEOBank is a form of bank without a branch, which means that you do not need to go to the bank's headquarters to be able to take steps to perform banking services. Nowadays, you can do it all with just a few simple steps.

Secondly, NEOBank is a type of bank that can support you to receive remittances from overseas citizens easily without spending too much time and money on the parties involved in the process of sending and receiving remittances.

Finally, NEOBank helps customers to solve problems of buying and selling goods with foreign countries, which are inherently difficult and cumbersome in legal procedures on customs as well as import and export of goods.