Software product think tank iSPIRT has launched a Fintech App store for Indian startups in the financial technology space in collaboration with Yes Bank. The store will hold a governance structure, making it easy for any startup in the fin-tech domain to access it and enable Yes Bank to establish an online app store that can be leveraged by such startups.
ISPIRT, which works closely with innovative startups ecosystem, has signed a MoU with YES Bank to help the bank on-board these innovations rapidly and offer newer products in digital banking, mobile payments, lending etc. to their customers,
The mutual understanding will enable both the entities to utilize each other’s strengths and willingness to support startups. While iSPIRT will work towards mentoring Indian Fintech start-ups and guide them through a partnership with Yes Bank, the bank will offer its products and payment gateways to assist the startups to commence operations effortlessly.
Ritesh Pai, Senior President and Country Head, Digital Banking, Yes Bank said, “The Indian landscape is primed for entrepreneurs using technology to promote financial inclusion. 60% of Indians are unbanked and 90% of small businesses have no links to formal financial institutions. Yet 80% of Indians own mobile phones, and 32% will own smartphones by 2017. Yes Bank has always been at the forefront of innovation through its products and services by offering convenient banking solutions. This will help in transforming India into a hub for new generation software products”.
Sharad Sharma, co-founder iSPIRT said, “All the building blocks that are needed to make service delivery presence-less, paperless and cashless are now in place. This is going to unleash a wave of innovation across many sectors in India. YES Bank sees this as an opportunity. Early movers like YES Bank will shape the new era of banking in India.”
Last month, the software think-tank had also announced a programme, wherein, researchers from Stanford and Duke University would help founders of 200 hyper growth companies to plan ahead and implement the learnings in their organizations.
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