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First Neobank in Kerala – Launched by Aceware Fintech

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Aceware FinTech Services launched the state’s first neobank

In April 2021, Aceware FinTech Services, a Kerala-based fintech services company, launched Kerala’s first neobank called Ace Money Neobank, in partnership with YES Bank and ICICI Bank.

Services under Ace Money Neobank:

  • Under Ace Money Neobank, the start-ups, merchants, and enterprise entities can open present accounts, in line with the corporate.
  • Its services include Doorstep supply of cash, money transfer, bill payments and recharges, land and building tax payment, ticket bookings, birth, death, and marriage certificates, passport, pan card, Fastag, and insurance services.
  • Note – The services of Ace Money Neobank are available at all the panchayats in Kerala

What is Neobank?

It is a kind of digital bank without any branches. It is entirely online instead of being present physically at a specific location (target customers making monetary transactions via mobile apps and other digital media platforms).

India’s first NeoBanks:

  • Chqbook(–  India’s first Neobank for small business owners like kiranas, merchants, chemists, and others running proprietorships.
  • FamPay – India’s first Neobank for teenagers.
  • Finin – India’s first full-fledged consumer neobank.

Recent Related News:

On December 14, 2020, Aceware in association with ICICI Bank launched ‘AceMoney Micro ATM(Automated Teller Machine) service’ in Kochi, Kerala. This service will enable people to withdraw money from their bank account from home. The customers of all banks can avail of this service.

About ICICI Bank:

Establishment – 1995(Incorporated in 1994)
Headquarters – Mumbai, Maharashtra
MD& CEO –  Sandeep Bakhshi
Tagline – Hum hai na, Khayal Apka

About Aceware FinTech Services:

Headquarters – Cochin, Kerala
CEO – Jimmin James Kurichiyil

About YES Bank:

Establishment – 2004
Headquarters – Mumbai, Maharashtra
MD & CEO – Prashant Kumar
Tagline– Experience our Expertise