BISHKEK, Kyrgyzstan, May 21. Fintech Farm, a Ukraine-funded company specializing in launching neobanks, is planning to enter the market in Kyrgyzstan, Trend reports.
“We have signed a deal with a great bank partner in Kyrgyzstan. We are looking to launch a digital bank there in Q2 this year. We expect to achieve the same great success there as in Azerbaijan,” the bank press service says.
Details of the bank with which the deal was concluded are not specified. However, it is noted that in 2024, the company also plans to launch a digital bank in India.
“We are very optimistic about India, as recent changes in regulations, coupled with strong digital uptake driven by UPI payment rails, are bringing a big business opportunity to our credit-led product,” the bank says.
To date, Fintech Farm has launched two neobanks – Leobank in Azerbaijan and Liobank in Vietnam. Recently, the company reported about 1 million users (about 10 percent of the country's population) and became the second bank in Azerbaijan by payment volume. Liobank reached 200,000 customers in Vietnam.
Fintech Farm helps traditional banks create and run digital banks (also known as neobanks). It provides a ready-made neobanking platform, a mobile application, a complex set of technologies, and an operational scheme. The product operates within the BaaS (Banking as a Service) model.
