New neobank Migom provides unbanked entrepreneurs essential banking services
A new neobank that combines digital banking necessities with crypto asset capabilities has emerged in the Caribbean.
Migom Bank bills itself as a crypto-friendly global bank for the unbanked, providing banking services for businesses in emerging markets.
The firm offers a full suite of e-banking services for small and medium-sized enterprises (SMEs) and entrepreneurs, including online account opening and corporate and individual bank accounts management.
The bank also provides international transfers in multiple currencies, issuance of debit cards, certificates of deposit, savings accounts and securities investment services in global markets.
Additionally, Migom offers qualified account holders crypto-to-fiat and fiat-to-crypto instant exchange, cryptocurrency OTC trading services and immediate transferability of funds or crypto assets.
In June last year, Migom Global acquired a 100% stake in what is now Migom Bank, domiciled in the Commonwealth of Dominica.
Migom Global says it is developing a network of affiliated businesses across the world as it aims to bridge traditional regulated banking and financial services and emerging fintech solutions.
At the time of the acquisition, Migom Global president Thomas Schaetti said businesses faced various problems opening and maintaining bank accounts, with funds frozen and accounts blocked.
“This type of practice is often disguised as ‘de-risking’ in the name of compliance, which in itself has morphed from the necessary but secondary function into a universal shroud weaponised by some of the mainstream banks in their purge of unwanted business.”
Migom Bank is fully licensed to provide retail depository and inter-banking services, cryptocurrency-related services, securities dealing and investment banking services.