Money & Banking

YES Bank hunts for global partnership to develop fintech landscape

Priyanka Pani Mumbai | Updated on January 11, 2018 Published on July 16, 2017

YES Bank, which runs a start-up accelerator programme called Yes Fintech, is looking at exclusive global exchange programme partnerships to help Indian start-ups gain access to developed markets in terms of business and investments.

Towards this end, the bank has already tied up with MaGIC (Malaysian Global Innovation & Creativity Center), a Malaysian government initiative. It is also looking for similar partnerships with the US, Sweden, Norway, Singapore, the UK and Israel over the next few years.

The bank’s MD and CEO Rana Kapoor said: “Technology such as blockchain, behaviour based cyber security, AI (artificial intelligence) and ML (machine learning), big data analytics and biometrics across front, mid and back end operations is crucial in the digital transformation of the bank.”

Amit Shah, Senior President, Corporate Strategy, Marketing and Communication, YES Bank, told BusinessLine the MaGIC tie-up is the first such partnership through which start-ups incubated by YES Bank will get an opportunity to work with clients across 10 ASEAN

He added that through the partnership, MaGIC also plans to invest in some of the Indian fintech start-ups.

YES Bank is also ramping up its technological activities around blockchain, and such partnerships would help the bank in getting some “world-class” fintech start-ups to provide technology access and infrastructure support, Shah further said.

YES Bank helps its incubated start-ups at Yes Fintech by becoming their first client and providing them with access to the bank’s over 2 million customer base, Shah said, adding that the accelerator recently concluded its summer cohort of 11 start-ups selected from 753 applicants from 18 countries.

The bank has been collaborating with and supporting more than 100 fintech start-ups in the country to provide innovative financial solutions to its corporate, SME and retail customer base.

Published on July 16, 2017
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