Financial services provider Grupo Popular has selected banking and payments technology provider i2c to launch a neobank subsidiary.
Called Qik Banco Digital Dominicano, S.A. – Banco Múltiple (Qik), the new unit is aimed at driving financial inclusion across the Dominican Republic using mobile baking services.
The branchless business model allows the neobank to ‘instantly’ issue digital cards via its app.
Customers will also have access to a platform for managing their personal finances, which will help them build better spending and credit history.
Qik Banco Digital Dominicano general manager and CEO Arturo Grullón Finet said: “We want to revolutionise the national financial system, transforming and personalising the digital experience of banking services in the country.
“This neobank is designed for those people who want a different banking relationship, exclusively through their mobile, with more flexibility and benefits by delivering an intuitive and personalized digital-first payment experiences.”
Within its first few months, Qik hopes to open over 10,000 accounts, and it plans to grow its product lineup to include checking and savings accounts, personal loans, and investments.
Amir Wain i2c founder and CEO said: “We are thrilled to be working with the Dominican Republic’s leading financial group to bring innovative digital banking solutions to its people.
“By operating on our secure, highly-configurable platform, Qik will offer consumers access to an intuitive end-to-end payments experience with unmatched reliability and speed to market.”