~ Launches first of its kind ‘Fintech App store’ which will further strengthen startups ~
Mumbai, December 18, 2015: YES BANK, India’s fifth largest private sector bank, in association with iSPIRT, a software product think-tank organization launches the first of its kind ‘Fintech App store’ for Indian startups in the Financial Technology space. The Fintech App store will hold a governance structure making it easy for any startup to access it.
The mutual understanding will enable both the entities to utilize each other’s strengths and willingness to support startups. Established to transform India into a hub for new generation software products, iSPIRT will work towards mentoring Indian Fin-Tech start-ups and guide them through a partnership with YES BANK. In addition, YES BANK will offer its various products and payment gateways to assist the on-boarded start-ups to commence operations effortlessly.
This association will enable YES BANK to establish an online app store that can be leveraged by innovative technology product start-up entities in the Fintech space.
For the startups, it would mean a simple and fast go-to-market platform, guided by a progressive Bank, access to customers for trial, branding support to bring credibility, security standards to assure customers comfort and at a very miniscule cost.
Speaking on the association, Mr. Ritesh Pai, Senior President and Country Head, Digital Banking, YES BANK said “The Indian landscape is primed for entrepreneurs using technology to promote financial inclusion. 60% of Indians are unbanked and 90% of small businesses have no links to formal financial institutions. Yet 80% of Indians own mobile phones, and 32% will own smartphones by 2017. YES BANK has always been at the forefront of innovation through its products and services by offering convenient banking solutions. This will help in transforming India into a hub for new generation software products”.
He further added, “FINTECH companies, as they’ve come to be called, are easing payment processes, reducing fraud, saving users’ money, promoting financial planning, and ultimately moving a giant industry forward. YES BANK will use its subject matter expertise and the partner insights in the financial services space to develop cases in consultation with iSPIRT. It will make all reasonable efforts to guide and mentor Indian FinTech start-ups”.
Mr. Sharad Sharma, Co-Founder & Governing Council Member, iSPIRT said, "All the building blocks that are needed to make service delivery presence-less, paperless and cashless are now in place. This is going to unleash a wave of innovation across many sectors in India. YES BANK sees this as an opportunity. Early movers like YES BANK will shape the new era of banking in India."
iSPIRT is a voluntary organization comprising veterans from payment industry. Mr. Sanjay Swami of mCheck/UID fame, Mr. NRK Raman of iFlex and Mr. Sharad Sharma of NASSCOM/Canaan Partners/Yahoo fame are the brains behind this think tank. The organization is mentored by Mr. Nandan Nilekani. They also work very closely with the regulator and NPCI in an advisory role.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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