Mantle-backed neobank UR launches regulated blockchain banking for fintech firms across Asia and Latin America

A Mantle-backed neobank called UR is offering fintech firms and crypto-native businesses regulated blockchain banking infrastructure under a Swiss licence, positioning itself as an alternative to card-issuing stablecoin platforms the company’s CEO says have failed to rebuild the underlying banking layer.

According to a recent report published by Forbes Digital Assets, UR was launched in June 2025 as a fully blockchain-based neobank operating under Swiss regulatory oversight. The platform mirrors fiat deposits on-chain while targeting fintech firms and crypto-native businesses seeking regulated banking infrastructure.

The company’s strategy draws heavily from the rise of QR code payments in Southeast Asia, where mobile-based payment systems transformed financial behavior over the last decade. Former Alipay executive Neo, now leading UR, argues that blockchain banking represents the next stage in the digital finance evolution that began with QR code payments.

How QR code payments shaped UR’s banking vision

Neo’s experience during the expansion of QR code payments across Southeast Asia forms the foundation of UR’s current strategy. Speaking on the “On The Margin” podcast, he recalled the resistance regulators initially showed toward mobile-based payment systems.

“I had the experience, frontline experience of going to Southeast Asia, convincing banks, regulators, that you could let your people scan a QR code and money will move safely,” — Neo, CEO of UR.

Neo described how financial institutions once viewed QR code payments with skepticism, despite their simplicity and efficiency.

“I was in boardrooms. I was in front of the regulator. I’m trying to tell them that this little piece of QR contains enough information to switch payments from one account to the other and you could trust it,” — Neo, CEO of UR.

The widespread adoption of QR code payments eventually transformed commerce throughout Asia, especially among unbanked and underserved populations. UR now aims to replicate that transition by moving consumers from digital money into blockchain-based financial systems.

Mantle’s global head of strategy, Tim Chen, described UR as a hybrid platform designed to hide the complexity of decentralized finance behind a traditional fintech interface.

“UR is a foundational step toward closing the gap between on-chain capital and everyday financial utility,” — Tim Chen, Global Head of Strategy, Mantle.

The rise of QR code payments demonstrated how quickly consumer behavior can shift once digital financial infrastructure becomes easy to use. UR believes blockchain banking may follow a similar trajectory.

Inside UR’s blockchain banking model

UR operates under a Swiss banking charter regulated by Swiss Financial Market Supervisory Authority, commonly known as FINMA. The platform issues Swiss IBAN accounts and mirrors customer deposits one-to-one on-chain through tokenized representations of fiat currencies.

Unlike traditional banks, UR says it does not lend or invest customer deposits.

“It’s a fully reserved banking model. We don’t lend or invest this fiat that you send into this bank account,” — Neo, CEO of UR.

The platform’s blockchain infrastructure is permissioned, meaning only KYC-verified wallets can transact using the tokenized assets. FINMA reportedly audits the blockchain directly every quarter to verify balances and transactions.

The emergence of QR code payments showed regulators that financial technology could be both scalable and secure. UR appears to be applying the same argument to tokenized banking infrastructure, particularly in regions where access to traditional banking remains limited.

According to the report, UR currently serves more than 40 nationalities, excluding sanctioned jurisdictions and U.S. citizens, while focusing heavily on Asia and Latin America.

The company also provides APIs that allow fintech firms to integrate banking services directly into their products. Through the system, users can convert fiat into stablecoins and move funds between traditional banking rails and blockchain networks.

Why Asia remains central to QR code payments expansion

Asia’s financial technology ecosystem plays a central role in UR’s strategy because the region already experienced rapid digital adoption through QR code payments and mobile wallets.

Before joining UR, Neo worked at Lazada, Alipay, Grab and Tencent-linked ventures. He said those experiences demonstrated how digital financial systems could expand economic participation.

“Most of my time was spent moving people from what we call Web 1 money to Web 2 money,” — Neo, CEO of UR.

The same markets that embraced QR code payments are now becoming testing grounds for tokenized assets, stablecoins and blockchain-based financial infrastructure.

UR’s customer base is not primarily retail users but fintech firms and crypto-native projects needing regulated banking access. One example mentioned in the report is TopNod, a self-custodial wallet focused on tokenized real-world assets.

Neo argued that blockchain infrastructure reduces friction for international transfers and investment products, especially in regions where banking services remain fragmented or expensive.

The company’s approach combines correspondent banking partnerships with local banking relationships to support exotic currency corridors across Asia and Latin America.

Mantle’s broader DeFi and banking ambitions

Mantle’s investment in UR reflects a broader trend across the fintech and blockchain industries, where firms are attempting to merge traditional finance with decentralized systems.

The report compared Mantle’s strategy with moves by institutions such as Stripe and Intercontinental Exchange, both of which have pursued infrastructure investments tied to programmable finance.

The transition from QR code payments to blockchain banking highlights how financial innovation often begins with consumer convenience before evolving into deeper infrastructure changes.

Neo believes the current generation of crypto neobanks has largely failed to rebuild the underlying banking layer.

“Everyone’s taking the easy way out in Web 3, Web 2 world today. Easy USDC stable coins, you issue a card, suddenly you’re neobank,” — Neo, CEO of UR.

For Mantle and UR, the long-term goal is to create a regulated account infrastructure capable of supporting tokenized assets, decentralized lending and programmable financial products at scale.

The same consumer trust that helped normalize QR code payments may now become critical in determining whether blockchain banking can move beyond crypto-native users into the mainstream financial system.