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