~ First of its kind initiative to enable Startups in Telangana ~
Hyderabad April 4, 2016: YES BANK, India’s fifth largest private sector bank, today signed a Memorandum of Understanding (MoU) with T-Hub, a unique public/private partnership between the government of Telangana, three of India’s premier academic institutes (IIIT-H, ISB & NALSAR) and key private sector leaders. The MoU is first of its kind in nature which will enable the Indian startups across segments; with primary focus towards Financial Technology (FinTech) space.
As per the agreement, YES BANK and T-Hub would be setting up a World Class Centre of Excellence (CoE) for FinTech startups at T-Hub. This association will help create a conducive business environment and support system for a large number of FinTech startups. In addition, YES BANK will offer its various products and payment gateways and open APIs to the startup community.
Speaking on the association, Mr. Ritesh Pai, Senior President and Country Head, Digital Banking, YES BANK said “YES BANK has been in the forefront of revolutionizing the Indian FinTech startup segment. Currently, our nation holds a range of innovative FinTech startups that are working in areas such as payment processing with an eye to reduce frauds, create newer channels for savings and investments, financial planning, analytics amongst others, which are superior enablers of the large Indian banking industry. We are also happy to mentor the FinTech startups by offering subject matter expertise, intelligence and knowledge driven financial solutions. Apart from FinTech, YES BANK will also work closely with startups in segments such as Agri-Tech, Healthcare, e-Commerce, loT etc.”
Sharing his thoughts about the partnership, Mr. Jay Krishnan, CEO, T-Hub, said, "At T-Hub, we are constantly evolving and innovating. We have a vision for the startups in Hyderabad, one that makes the journey of entrepreneurship, one step easier. Fostering growth for the FinTech startups, T-Hub has signed an MoU with YES BANK. The signing of this MoU will give startups at T-Hub access to banking technology, the finest minds in the world of banking as mentors and guidance to the markets amongst various other facilities. We hope that the startups make the most of this opportunity and climb the ladder of success."
KEY HIGHLIGHTS OF THE PROGRAM
- Will provide an open environment for startups to innovate.
- Will allow to build on its APIs to conduct internal tests to the startups to commence operations effortlessly
- Will ensure the project complies with applicable banking laws, rules and regulations – KYC, AML/PML
- Will offer its various products, payment gateways and other business enablers ; as relevant; to assist the on-boarded startups to commence operations easily
- Will offer quick proof of concept option to the on-boarded startups to prove their business and technology models.
- Will provide investment banking advisory support to startups who wish to raise money and scale their business
- Will work with corporates/partners including Govt. in this space to create impact in its sector.
- Will explore partnership with a private or govt. entity based on common goals, synergy and which helps in furthering the innovation quotient under the Centre of Excellence.
- Will, in collaboration with YES BANK, develop and collate a framework for Centre of Excellence
- Will engage and invite YES BANK to partner and advise FinTech companies so as to enable them to create Applications and use cases for Financial Services
- Will invite FinTech startups that T-Hub determines are appropriate to participate in this initiative
- Will promote YES BANK’s larger interest in the FinTech space within the startup ecosystem in India
A unique public/private partnership between the government of Telangana, three of India’s premier academic institutes (IIIT-H, ISB & NALSAR) and key private sector leaders, T-Hub aims to be the catalyst in building Hyderabad as a start-up city and Telangana, as a startup state.
With startups, academicians, corporates, researchers and even government sectors, all finding their place within the community, T-Hub aims to not just be a repository of ideas but also be the driving factor behind their successful run.
About YES BANK
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Bank of the World in India” by 2020.
For further information, please contact:
YES BANK Limited
Senior Vice President, Marketing and Corporate Communication