- YES FINTECH organized an India – Denmark Fintech Mission in association with NITI Aayog as part of ‘Road to GES’ series
- Mission attended by representatives from Innovation Center of Denmark (partnership between the Ministry of Foreign Affairs of Denmark and the Danish Ministry of Higher Education and Science) and Copenhagen Fintech
Mumbai, November 14, 2017: YES BANK, India’s fifth largest private sector bank, has signed a Memorandum of Understanding (MoU) with Innovation Centre Denmark India (ICDK India), a partnership between the Ministry of Foreign Affairs of Denmark and the Danish Ministry of Higher Education and Science to bring Fintech innovations and startups from Denmark to India, and facilitate entry of Indian startups to the region. The partnership aims to build bridges to promote innovation and assist fintech companies in India and Denmark to expand into each other’s markets.
Denmark, known as a design and innovation hub has been steadily gaining reputation as a fintech hub and is known to have the most evolved regulatory sandbox. YES FINTECH organized an India – Denmark Fintech Mission with ICDK India and Copenhagen Fintech. The deliberations touched upon several topics including creating a Fintech hub in India, setting up centers of excellence for future skills and the key synergies between Denmark and India.
Charter signing by H.E Peter Taksøe Jensen, Ambassador of Denmark to India & Arun Agrawal, Group President, International Banking, YES BANK
Visiting Danish delegation led by H.E Peter Taksøe Jensen, Ambassador of Denmark to India included Asbjørn Overgaard Christiansen, Global Head ICDK, Simon Schou, Chief Innovation Officer, Copenhagen Fintech and Sujeet Samaddar, NITI Aayog. Nine Danish fintech startups and stakeholders - Calcabis, Cardlay, YourPay, Tradimo, Insurtech, COHERRA, November First, Copenhagen capacity and IT University of Denmark were also part of this delegation.
The partnership will help create an Indo-Denmark Fintech Bridge for:
- Creating market access opportunities for startups in Denmark and India
- Providing technology & infrastructure access to startups to enter respective markets
- Providing showcase opportunities for startups in Denmark and India
- Facilitating an exchange program for startups in India and Denmark to understand respective markets
- Joint collaboration in the YES FINTECH programme in India for Danish startups
- Creating centre of excellence for Artificial Intelligence and Cyber Security
Commenting on the partnership, Rana Kapoor, Managing Director & CEO,YES BANK, said, “Denmark is ranked no 1 in the Global Innovation Index and in the past one year has established itself as a Global Fintech Hub through initiatives like Copenhagen Fintech. India has also prioritized Fintech as a Key enabler of competitive advantage and I firmly believe that this alliance will further boost the efforts to establish Mumbai as a Fintech Hub and create a borderless ecosystem for future technologies.”
H.E Peter Taksøe Jensen, Ambassador of Denmark to India said, “India’s drive to address financial inclusion, powered by its knowledge and start-up hubs that span across IT and Finance, is gathering steam. Denmark is well on its way to becoming the first cashless nation, spurred by its focus on digitization. I hope the signing of this MoU brings forth a mutually beneficial synergy that drives innovation in Fintech across both countries. I look forward to seeing many Danish start-ups engage in the YES FINTECH programme going forward."
Copenhagen FinTech is a non-profit organization built on the vision of creating a Danish growth adventure within fintech. Copenhagen FinTech combines the visionary ideas of fintech entrepreneurs, the experience of the established financial sector, the desire for societal benefits of the public sector and the research from the universities with the overarching purpose of building a thriving fintech ecosystem for the benefit of all stakeholders.
Copenhagen FinTech owns and runs Copenhagen Fintech Lab - the largest dedicated fintech space in Europe outside London. 2000 square meters of pure fintech in central Copenhagen. Almost 50 fintech startups are permanently residents in the Lab - and the Lab is the central meeting point for all the stakeholders of the fintech-ecosystem around Copenhagen.
About Innovation Centre Denmark
Innovation Centre Denmark is a partnership between the Ministry of Higher Education and Science and the Ministry of Foreign Affairs of Denmark. Their head office is located at the Ministry of Foreign Affairs in Copenhagen together with Denmark’s national investment promotion agency Invest in Denmark, further strengthening the ties to foreign markets and international value creation. Their Indian offices are located in New Delhi & Bangalore.
ICDK aims to promote research and innovation through their partnerships with global R/D ecosystems. As part of the Danish government, they seek to provide Danish enterprises with valuable synergies, market opportunities and knowledge partnerships, by leveraging their extensive network across universities, multinational companies, start-ups and R&D centres across the world.
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 28 states and 9 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/