What led Winvesta to focus on cross-border fintech, and how does its potential market size compare to domestic banking in India?

The TAM, of course, is going to be significantly lower than the domestic market. So the examples that you mentioned are primarily domestic banking providers, improved UX/UI onboarding, customer checks, and so on. The second thing, however, is that a broad part of neo-banking, not just in India but globally, is that when you do cosmetic changes, you are improving an otherwise available experience.

But the thing is that those neo-bank accounts are broadly secondary accounts because you would've had a primary account. And that is the challenge that has plagued much of the neo-banks globally as well, that they tend to, over a period of time, get relegated to being a secondary account.

The market that we have is having these accounts for the first time ever. So no one else is giving you a multi-currency account. A few are giving investment accounts, but those customers have come to us. We stay the primary investing account for them. So that is one distinction that, for the customer set, we are the first that they will have had.

There's a popular saying that banking relationships, at least, for example, in the UK, last longer than spousal relationships. We are in the very early stage of trying to gain that relationship which we think will only build over a period of time.