About the speaker
Mayank Goyal is the brain behind MoneyHOP. It is India’s first cross-border neo bank offering full-stack global banking solutions catering to the global aspirations of the Indian millennials. As the Founder and CEO of the company, he spearheads its vision of revolutionizing banking for millennials. And, becoming an aggregator of financial services where the consumer’s financial needs can be addressed from a single touchpoint. During an interaction with TheTechPod – “It will be a decade of Fintech in India”, says Mayank Goyal.
Mayank is a B.Tech graduate in telecommunications. A chartered financial analyst from Chartered Financial Institute and a financial engineering graduate from Imperial College London, Mayank’s inclination towards fintech was an outcome of his personal pain points experienced while conducting cross-border banking. He has got his investment banking background while working for Merrill Lynch and Jefferies, London. There he developed investment strategies. And, trading algorithms further fueled his desire to build a seamless and effortless cross-border banking platform. While at Merrill Lynch, Mayank had built and managed qualitative investment portfolios worth $650 million for pension funds, hedge funds and Sovereign wealth fund. Also, at Jefferies, he had built low latency, high frequency autonomous trading algorithms which had the ability to trade up to $100million without any human intervention.
About the company
Established in 2019, MoneyHOP is the brainchild of seasoned investment banker Mayank Goyal. He identified that even though the country marked an exponential growth in digital payments from a mere $1 billion in 2013 to $429 billion in 2019, cross- border banking and outbound remittances were costly and inefficient. They involve high mark ups on currency exchange, high exchange rates, lack of transparency on fee structure, complex documentation processes, incompatible formats between domestic and foreign banks, and low degree of automation in domestic banks’ internal systems. To bridge this gap, MoneyHOP comes as a one-stop platform enabling seamless cross-border banking.
An RBI-authorized Full Fledged Money Changer (FFMC), MoneyHOP is working with AD-I license holder bank and has also partnered with VISA to offer an effortless and seamless cross-border banking experience to Indians through its two key products. HOPRemit, an instant, secure, cost-effective and paperless remittance solution for India outbound market. It will enable users to remit in four easy steps – select the destination, currency, and amount; complete a digital KYC; add recipient’s details; make the payment online. And, the money is on its way within minutes. Also, after receiving the funds, transfer instructions get processed immediately. And money gets credited to the recipient’s account within 24 hours.
In an interaction with Rohit Sardana, Mayank Goyal speaks about the future of fintech in India. Also, Rohit Sardana is the Editor-in-Chief at TheTechPod and Co-founder of IncubateIND. Let’s hear the complete podcast and understand – “It will be a decade of Fintech in India – Mayank Goyal”.