Top five fintechs and neobanks of 2022
As we wrap up 2022, FinTech Futures takes a look back at some of the year’s top new fintechs and challengers across the world.
From niche and targeted fintech start-ups addressing the needs of particular consumers, to neobanks that cater for more general needs but in a novel or improved way, 2022 has seen the launch of a number of new companies across the globe.
Here are five of the top new fintechs and neobanks of this year.
New challenger Wio Bank launches in the UAE
Wio Bank launches in the UAE
In September, Wio Bank, which describes itself as the region’s “first platform bank” officially launched operations in the UAE, with its HQ in Abu Dhabi.
The digital bank aims to provide financial solutions via digital banking apps, embedded finance and as Banking-as-a-Service (BaaS), and partner up with other fintech start-ups to offer customers a “fully digital banking experience” through its mobile app.
Wio Bank is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, Etisalat and First Abu Dhabi Bank (FAB) with an initial capital of AED 2.3 billion ($630 million).
New digital bank Trust launches in Singapore
Trust Bank launches in Singapore
In September, another challenger Trust Bank officially launched in Singapore, backed by a partnership between Standard Chartered Bank and FairPrice Group.
The challenger offers a savings account with a rate of 1.4% on deposits, credit cards, family personal accident insurance and a rewards and loyalty programme integrated with FairPrice Group.
It adds that its its physical credit card will be numberless – a “market-first” in Singapore – and will also work as a dual credit and debit card, eliminating the need to carry multiple cards.
New neobank Coupl launches in India
Coupl, a new digital bank in India, allows couples to set up joint accounts and manage their money together, including savings, expenses and investments.
Backed by Y Combinator, the start-up says it is on a mission to create a generation of “financially-empowered couples” by providing them with the best of banking and technology.
Customers can create savings pots, implement savings rules, add money together and track goals on the app.
The Coupl card can be used for all shared expenses and the app provides analytics and insights into spending habits. Users can also set up recurring payments and claim rewards when they spend.
New family banking app Verity launches in MENA
Verity, a family banking app, launches in MENA
In September, Dubai-based fintech start-up Verity officially launched the first family banking and financial literacy app in the Middle East and North Africa (MENA) region.
Verity aims to help children eight years old and above develop their personal finance skills. The platform allows parents to control the main family account while giving each child the option to create and manage their own profile.
Parents can top up their children’s digital wallets directly from their own bank accounts and allocate a set amount to each user in the family through a pre-scheduled monthly or weekly allowance or one-off transfers.
Children also have the option to ‘earn’ money by completing chores and tasks set by their parents. Once they have received their funds, they are prompted to decide how much they would like to contribute to personal or family savings goals, causes or charitable initiatives, or their spending budget.
New banking app Chippit launches in beta in Australia
In June, Chippit, a new digital banking app, launched in a closed beta in Australia.
Chippit calls itself a “social banking app” that allows individuals to invite and save faster with their friends and family, as well as borrow at 0% interest rate to make purchases.
Through its mobile app, Chippit allows users to start a “savings pool” with up to ten friends and set savings goals together. From the savings pool, the group can lend money to each other, interest-free, and also make purchases from the group account.
