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FMS International. Read Full Report https://neobenk.medium.com/if-a-new-pandemic-hits-are-you-ready-to-face-it-79a5cc7d9a51
With the pandemic knocking on the doors, a swift and massive shock of the COVID-19 and shutdown measures to contain it have plunged the global economy into a severe contraction. Like many other countries, India, the nation of 1.3 billion, was not ready to face this pandemic to fortify their everyday life.
This made it clear that people should prepare themselves for darker days like this COVID-19 pandemic to support them financially by saving a dollar a day and create financial stability to face the unknown. Now the pandemic, which has made people wary of close personal interactions, is giving online payments a fresh boost. So, the grandmother who never had any clue about digital payment is now paying for her groceries online.
“There is a sudden pitfall in the savings-driven economical approach in India. On the other hand, Covid-19 caused huge financial stress on the minds of the masses. There are small steps that can help people feel more confident about their finances—from daily transactions to secure wealth management, or to put simply saving a dollar a day.” Indranil Sinha, the President of NeoBenk, said to FMS International. “With the commitment of NeoBenk, we are planning to invest $10 Million (Rs7.5 Crore) to support currency exchanges, money service businesses, and payment and remittance solutions around India. Cash isn't king anymore. A less-cash society would be a fairer and safer place, and COVID-19 has proved it to be true. I am advocating a cashless society, which will be both feasible and desirable soon. We at NeoBenk focus on achieving mass adoption of digital currencies in India to help to benefit from equality of opportunity and integrate them in their everyday lives without getting afraid of losing their hard earned money.”
Indian business executive, Indranil also added, “I am taking this Diwali as an opportunity to start going digital in my family. Now gifting my mother Gold in Dhanteras is not impossible anymore. I will be using NeoBenk’s Digital Gold to both make her smile and help her understand how we can democratize digital assets.”
Recent news shows that big players are starting to set their foot in the Indian market since the Supreme Court removed the ban on banks servicing digital currency exchanges in March 2020. With the world's largest digital asset exchange, Binance has acquired WazirX. NeoBenk, the multinational financial institution, announced their official launch on 20th November 2020. Even PayPal announced that it will start allowing cryptocurrency payments in 2021. India’s digital assets space continues to see rapid development. Overall, the Indian crypto industry has seen enormous growth both in volumes and new clients.
As NeoBenk launches digital banking services in India, the digital assets industry continues to grow despite uncertain regulations.
On this matter, NeoBenk stated, “Despite the uncertainty in the digital assets industry, we improvise on innovation first, then the regulation follows. At NeoBenk, we take licensing and compliance very seriously as we believe that asking for permission, rather than forgiveness, is a much better and safer approach — and we think our customers will acknowledge this effort.”
Let us know the thoughts about NeoBenk’s banking solutions for digital assets holders in India through an email at feedback@thefms.com.
