Singapore-based fintech firm Atlantis has launched a digital bank called ‘Neo-Bank’ in the Indian market, news agency PTI reported.

Atlantis said that the new digital bank is aimed at tapping into the country’s $15.7bn global millennial banking industry. The newly launched venture will target Gen Z and millennials.

The fintech company expects the financial value of millennials in India’s banking system to surge by up to 80% in the next five years.

This amounts to $27bn in revenue contributed by millennials, up from the current $15.7bn, the report added.

Atlantis believes that the future of neobanks will be driven by customer-first intelligent systems and designs.

Atlantis said that its initial focus will be on India and later the platform will expand across Southeast Asia.

Neo-Bank India COO Vineet Jain said: “With the technology ecosystem evolving fast, young consumers have been looking for a platform that is more than a place where they can park their savings.

“Neo-Bank understands their relationship with money and will help them manage their finances hassle-free.”

Neo-Bank will onboard only up to 3,000 users in the first three months and will work on creating a personalised experience for each of them.

The digital bank will accept new users through a waitlist. There are already more than 5000 people looking to become a member, the report said.

Neo-Bank is also registering users via an invite sent by its existing members.

In addition to the digital bank, Atlantis said that it will soon roll out transaction banking and lifestyle business for teenagers in the country.