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After consolidating its position in the India market over the last seven years, online financial marketplace BankBazaar.com has expanded into Asian markets, with special focus on Singapore.
Aman Narain, former global digital banking head of Standard Chartered, has been appointed CEO for International Markets. He will help globalise the company’s ‘Made in India’ intellectual property.
“Our international business will be headquartered in Singapore, which is the banking hub of most of the banks in Asia. Singapore became our first choice as the government and regulators are very supportive,” Adhil Shetty, Co-founder and CEO of BankBazaar.com, told BusinessLine .
The international platform, BankBazaar.sg, will kick off with financial products from 10 banks to begin with, and address customers in Asian markets, such as Malaysia, the Philippines, Vietnam and Indonesia.
Backed by Amazon, Sequoia, Fidelity and Walden, BankBazaar.com is a neutral online platform that serves as a trusted financial advisor to 50 lakh unique visitors a month in India, of which 50 per cent visitors are via the mobile app and site.
The platform, which was built to address the needs of a global customer base, hosts a range of financial products from over 50 of the biggest public and private sector banks, NBFCs, and insurance companies in India and has received ₹493 crore in three rounds of funding to date.
Asked whether saturation in the India market had prompted the company to foray into international markets, Shetty said: “Not at all. We still have room to grow the India market 10x. We are targeting traffic of one crore visitors a month and are adding 25 new financial partners, to touch 75 partners by the end of calendar year 2016.”
He said the reason for entering the Asian market is because there exists a huge window of opportunity with a similar customer base that is moving from paper-based to digital financial services.
More important, there is no single integrated marketplace that offers a range of financial products and our nearest competitor attracts under one million visitors a month, added Shetty.
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