Money & Banking

YES Bank floats biz app to get MSME groupings to connect

LN Revathy Coimbatore | Updated on October 04, 2019 Published on October 04, 2019

After on-boarding MSMEs across verticals through YES Scale, YES Bank has started to look at connecting with MSME associations with the launch of YES Scale Bizconnect.

YES Bank’s Senior Group President and Head (Branch and Retail Banking) Rajan Pental told BusinessLine that Bizconnect is an industry-first initiative, a comprehensive solution for MSME associations to connect and manage the association’s entire member base, share information, and enable members to trade and transact with each other through a designed e-marketplace. “Hitherto, the members of an association probably depended on WhatsApp to stay connected within the group, but this app will help dovetail all banking transactions of the association seamlessly.”

The bank has already deployed Bizconnect in three associations, catering to 1,500+ MSMEs.

“We plan to on-board 50 associations before the end of the current fiscal. It is a plug-and-play solution aimed at enhancing member connect and easing administrative hassles; it acts as an enabler for listing of the members’ products and services and helps digitise all financial transactions,” Pental added.

Reverting to YES Scale Business Solutions, he said more than 30 sectors have already adopted the solution. “We are looking to onboard 200+ institutions before the end of the current fiscal.”

Published on October 04, 2019
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