About12 months ago, a small team of Sri Lankan technology entrepreneurs ventured into the Singaporean market and changed the way millennials transact. Today, Kashmi is one of the largest person-to-person mobile payment systems in Singapore catering to approximately 15,000 account holders and processing around 1.5 million SGD in transactions per month.
Kashmi hopes to expand into the fast growing East Asian markets of Cambodia, Indonesia and the Philippines where Kashmi will launch the next generation of payment platform – a completely digital bank.
“Given the large population of unbanked and underbanked users in these countries; particularly among our key demographic of 18 to 35 year-olds, we felt Kashmi had huge potential in the region,” said CTO, Kashmi, Mufaddal Lukmanjee.
“We are currently working with leading regional banks to launch the first digital only banking platform in these countries. The guiding precepts of the Kashmi Neo Banking platform are transparency, openness, fairness, affordability and ease of use,” said Lukmanjee.
“Our most interesting feature is the PFM or Personal Finance Manager that offers online banking, bill payment, account management, budgeting and investment tracking,” he said.
CEO, Kashmi, Rakhil Fernando said, “We are not looking at antagonizing traditional banks by competing directly with their current business lines. Quite contrary to this we are actually working closely to forge strong relationships with strategic banking partners to structure a mutually beneficial partnership where Kashmi is strictly regulated under their banking licence and supported by their existing banking infrastructure while at the same time appealing to a user-base that is typically averse to working with traditional banks at every level of their banking activities.”