YES Bank has signed a Memorandum of Understanding (MoU) with T-Hub, a technology incubator set up by Telangana government, to set up a centre of excellence for startups in fintech space.
Under the agreement, the association will help create a conducive business environment and support system for a large number of fintech startups. Besides, YES Bank will offer its various products and payment gateways and open APIs (application programme interface) to the startup community.
Ritesh Pai, senior president and country head, digital banking, YES Bank, said, “Currently, our nation has 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 and analytics, which are superior enablers of the large Indian banking industry.”
The bank will also work with startups in segments such as agritech, healthcare, and ecommerce.
T-Hub is a public-private partnership initiative between Telangana government, three academic institutes including IIIT-H, ISB, NALSAR, and key private sector leaders. Apart from Yes Bank, companies like CISCO and ParadigmIT will also set up smart cities centre of excellence at T-Hub. They will set up a PoC of smart parking and smart lighting solutions while working with companies and startups in developing innovative solutions using IoT.
Besides, Internet & Mobile Association of India (IAMAI) also signed MoU with T-Hub to set up Mobile 10X hub, the largest capacity building and ecosystem enabling programme for mobile applications. The partnership will enable mobile App developing startups, in the state, to help achieve their potential by creating a structured program and allocating physical zones for specific support for each stage of app development. IAMAI will also select five app startups from the state and nurture them to produce world class Apps.