YES Bank, T-Hub team up to support fintech start-ups

YES Bank has signed a Memorandum of Understanding (MoU) with T-Hub to assist Indian start-ups focussing on financial technology (fintech) space.

T-Hub is a unique public-private partnership initiative between Telangana, IIIT-H, ISB, NALSAR, and key private sector leaders.

Under the agreement, YES Banl and T-Hub plan to set up a Centre of Excellence (CoE) for fintech start-ups at T-Hub. This association will help create a conducive business environment and support system for a large number of fintech star-tups.

Ritesh Pai, Senior President and Country Head, Digital Banking, YES Bank, said: “Currently, our nation has a range of innovative fintech start-ups that are working in areas such as payment processing with an eye to reduce frauds, create newer channels for savings and investments, financial planning and analytics, which are superior enablers of the large Indian banking industry.”

“Apart from fintech, YES Bank will also work closely with start-ups in segments such as agri-tech, healthcare, e-commerce, etc,” he said.

YES Bank is at advanced stage of launching a new innovative solution for rural and un-banked parts of the country where even feature phones enable people to use mobile banking services.

Pai said: “While India is witnessing a rise in mobile internet penetration, the majority are still using feature phone or a smartphone with no data connection.

“YES Bank has partnered with TAISYS, a mobile interconnectivity solutions provider, to offer payments on feature phones using a SIM Sleeve.

“This is an added layer to the SIM card that allows the users to use phone network for mobile banking services like transactions, balance check, bill payments, etc.”

The bank is in talks with microfinance institutions, cooperative banks and local area banks to offer these solutions, he said.