Chennai-based A & A Dukaan Financial Services Pvt Ltd, which sells third-party financial services products through online platform BankBazaar.com, has appointed former Standard Chartered executive Aman Narain as CEO for international markets.
Narain will lead BankBazaar's international business expansion aspirations, the company said in a statement.
A digital banking veteran, Narain was previously the global head of digital banking at Standard Chartered Bank. A graduate of Ohio Wesleyan University, he also has an MBA from INSEAD. He had founded Code Blu, a digital advisory firm, earlier.
BankBazaar has initiated its international business expansion within Asia with special focus on Singapore. It will subsequently focus on other growth markets including Malaysia, Philippines and UAE.
"Singapore became our first choice as the government and regulators are very supportive. We are trying to build a strong international team," Adhil Shetty, co-founder and CEO, BankBazaar.com said.
BankBazaar was set up in 2008 by brothers Adhil and Arjun Shetty, along with Rati Rajkumar. The company provides instant customised rate quotes on loans and other financial products. It claims it hosts financial products from over 50 public and private sector banks, NBFCs, and insurance companies in India.
The company had raised Rs 375 crore ($59.1 million) in Series C funding from e-commerce giant Amazon and other investors in July 2015. In January last year, the company had raised $13 million in Series B funding which was led by Sequoia Capital with participation from Walden.
BankBazaar claims that its business model has evolved since the last round of funding to focus on made-for-mobile web service and mobile platforms in order to enable larger connect with the audience.