Migom Bank offers full suite of e-banking services customised for small-to-medium-sized businesses and entrepreneurs in the emerging markets
Migom Global has announced the acquisition of 100% stake in Migom Bank, a full-service neobank domiciled and regulated in the Commonwealth of Dominica.
Migom Bank is a global neobank focused on offering a full suite of e-banking services customised for small-to-medium-sized businesses and entrepreneurs in the emerging markets.
The customised e-banking services include online account opening, holding and operating corporate and individual bank accounts with online access to account management and detailed reporting, along with international transfers, prepaid debit cards, investment, and savings accounts.
Migom Global president Thomas Schaetti said: “Today, businesses across multiple jurisdictions and industries have faced numerous hurdles opening and maintaining simple operating bank accounts. Arbitrarily frozen funds, suddenly blocked accounts, and other previously rare limitations have become a commonplace occurrence in daily banking for many regular businesses.
“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 weaponized by some of the mainstream banks in their purge of unwanted business.”
The acquisition is part of Migom Global’s efforts to bridge the gaps in international banking
Migom Bank is also fully licensed to offer retail depository and inter-banking services, all cryptocurrency-related services, securities dealing and investment banking services, featuring deal-oriented compliance, higher private banking limits and custom-tailored solutions.
Migom Global intends to address the gaps in international banking by creating a network of banks and affiliated businesses to provide seamless integration of traditional regulated banking with new-age financial services and emerging fintech solutions.
It is engaged in building synergistic ventures in international banking, securities brokerage, electronic money distribution as well as digital assets origination and market making.
Schaetti added: “In reality, those large international banks seem to be simply discriminating small and medium-sized, transaction-heavy businesses, which they don’t see as a profitable market.
“As the result, millions of unbanked or under-banked entrepreneurs have a hard time growing their companies and contributing to the economic development of their industries and regions. We identify ourselves with these companies and are making our best effort to position Migom Bank as the destination financial institution serving their needs around the world.”