A UK-based startup catering to the financial needs of non-resident Indians (NRIs) has announced the launch of a digital financial services “super-app” for personalised multi-currency money services for Indians across the globe.
Ribbon PLC said this week that the aim of the service is to make transferring money, investing, and trading effortless for both residents of India and NRIs by providing a unified digital experience.
The “super-app” is designed to offer virtual and physical debit cards, artificial intelligence (AI) powered analytics as well as tools such as 'budget', 'goals' and 'piggy bank'.
“On Ribbon, we are providing a gateway to any bank in India at affordable prices with our unique payments marketplace,” said Ashesh Jani, CEO and Co-Founder of Ribbon PLC.
The so-called carbon neutral app is geared towards creating a single platform as an aggregate of multiple financial services offered by licensed partners.
Stock trading, real estate investments, mortgages, foreign exchange, crypto trading, remittances and payments are all expected to be offered within the new 'super-app'.
The company said Indian students and professionals will be able to rely on Ribbon’s first-of-its kind “account before you fly” service when they are ready to work or study abroad.
“We are also committed to supporting SMEs (small and medium size enterprises) and that is why we are creating a digital business account that is fast and easy to open, simple to operate and a powerful tool to complement the growth of our customers’ businesses,” said Jani.
Initially addressing a market of the nearly 1.8-million-strong Indian diaspora in the UK as well as residents of India and Gibraltar, Ribbon plans to acquire further licences and expand globally to cover the estimated 33 million NRIs living around the globe and increasingly globally mobile Indian resident community.
“There is a large, growing, and discerning global Indian diaspora that we believe can and should be better served by modern banking and money management tools. The principles of 'planet, people, and profit' are at the core of everything Ribbon Plc will do, so we’re keeping them in mind as we develop one of the world’s first net-zero emissions financial services platforms… built to keep pace with the global Indian’s aspirations and stand out in the crowded fintech market,” said Suchit Punnose, Chairman and Co-Founder of Ribbon Plc.
The company said its new initiative is led by a team of experienced bankers, fintech specialists and technology experts, backed up by Ribbon PLC’s core technology stack, user experience and user interface to create “highly personalised services” to cater to the specific needs of a very diverse Indian diaspora.
The Ribbon PLC beta version, scheduled for launch in January 2022, will start with a B2C focus before expanding to the B2B market.
The new “super-app” services are expected to be live for all users by April 2022, with a waiting list of interested customers currently operational through RibbonGlobal.Com.
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