Yes Bank has signed a Memorandum of Understanding with T-hub, the public-private startup accelerator in Hyderabad, in a bid to collaborate over assisting startups working in the financial technology niche.
The T-hub, for those who are unaware of it, refers to one of India’s largest incubator for startups, and is the result of a public-private partnership between the Telangana government, IIIT-H, ISB & NALSAR and key private sector leaders.
Well, the hub has just received fresh impetus in form of its partnership with the Yes Bank. The two parties will be setting up a Centre of Excellence (CoE) for fintech start-ups at T-Hub. The CoE will be aimed towards creating and providing a conducive business environment to fintech startups.
Speaking on the topic, Ritesh Pai, Senior President and Country Head, Digital Banking at YES Bank, told Economic Times,
Currently, our nation has a range of innovative fintech start-ups that are working in areas such as payment processing with an eye to reduce frauds, create newer channels for savings and investments, financial planning and analytics, which are superior enablers of the large Indian banking industry.
Adding that the bank would also be collaborating with the T-hub to work upon companies belonging to segments such as agri-tech, healthcare and e-commerce.
Yes bank has always been a supporter of introducing innovative technologies to solve problems, particularly into backward areas. As such, its partnership with the hub and particularly its association with startups in the Fintech niche, shouldn’t surprise anyone.
It is already in the middle of launching a feature aimed specifically at the rural areas of the country, which if implemented, will allow banking even without smartphones or data network — which are both still scarce in many village areas of the country.
The Bank has also partnered with mobile interconnectivity solutions provider TAISYS and will soon be offering payments on feature phones using a SIM Sleeve. As per Pai,
This is an added layer to the SIM card that allows the users to use phone network for mobile banking services like transactions, balance check, bill payments, etc.
The bank is also collaborating with cooperative banks, local area banks and other financial institutions to bring its system into implementation. That said, the bank’s T-hub collaboration can probably be seen in the light of it being the receipt of receiving exclusive access to some of the most cutting edge ideas in the Fintech sector.
Meanwhile, T-hub’s association with Yes bank is also likely to bring a host of advantages to startups at the incubator, who may receive access to mentors, technologies and insights straight from their field of work. The Bank will also offer stuff like payment gateways and open APIs to the community at the incubator.