SBM India ties up with 30 fintechs

SBM Bank, a wholly owned subsidiary of State Bank of Mauritius has partnered with 30 fintech firms as a part of its strategy to acquire customers using the ‘banking as a service’ model. 

Under this, the fintechs provide an interface for customers and the bank delivers the network effect by providing not just the banking platform but also access to other fintech services that it has partenered with.

Some of the fintech partners are Paisabazar, PayNearby, Nium, RedCarpet, Enkash, Karbon, Finin, Open and Kodo.

SBM earlier operated as an Indian branch of its parent doing wholesale banking and did not have any electronic interface like internet or mobile banking.

In end-2018, the bank got a full-fledged bank license, which enabled it to “leapfrog in terms of IT and provide a new technology stack to the customer,” MD & CEO Sidharth Rath was quoted as telling the Times of India.

Read original story on Times of India