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Finance & Economics

Iceland’s first digital bank is set to launch

Apr 02, 2020

Indó is positioning itself as a transparent bank providing easy-to-use services

Indó

Iceland’s first digital bank is set to launch. Source: pixabay.com

Indó has applied for a banking license from the Financial Services Authority (FSA), the country’s financial regulator. Earlier, the platform has secured €1 million in funding in order to become the first digital bank in Iceland.

Indó is the first Icelandic bank in decades. We want to make a difference by offering you 100% safe deposits. We will offer you a current account and a debit card, better rates, and lower fees, total transparency and an easy to use app
Indó

According to the statement, the bank will offer completely safe deposits, eliminating the minimum deposit amount. Besides, Indó revealed that its users’ funds are backed by government-issued securities and, what is more, the funds are kept risk-free at the Central Bank of Iceland.

In addition to that, the digital banking platform won’t be taking any annual fees, it will only be charging a transaction fee.

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