Yes Bank is to set up a 'centre of excellence' for fintech startups in the Southern Indian state of Telangana.
The bank has signed an MoU with government-sponsored innovation agency T-Hub, which has been established in partnership with academic and private sector institutions to position the state capital Hyderabad as a 21st century startup city.
As well as helping to provide a a support system for emerging fintech firms, Yes Bank will additionally contribute its various products and payment gateways and open APIs to the startup community.
The bank says it will act as a sounding board and mentor to help startups navigate the regulatory landscape, offer quick proof of concept options to on-boarded startups to prove their business and technology models and provide investment banking advisory support for fund-raising rounds.
Ritesh Pai, senior president and country head, digital banking, Yes Bank, says: “Currently, our nation holds a range of innovative fintech startups that are working in areas such as payment processing with an eye to reduce frauds, create newer channels for savings and investments, financial planning, analytics amongst others. We are happy to mentor the fintech startups by offering subject matter expertise, intelligence and knowledge driven financial solutions."