India’s largest Startup Incubator Hub, T-Hub has signed a memorandum of understanding (MoU) with YES Bank, India’s fifth largest private sector bank with the intention of setting up a world-class centre of excellence (CoE) for FinTech startups at T-Hub, Hyderabad. The signing off took place on Monday in Hyderabad.
This MoU is a first of its kind in nature where public-private partnership between the government of Telangana, three of India’s premier academic institutes (IIIT-H, ISB and NALSAR) and key private sector leaders, will enable the Indian startups across segments, with primary focus on financial technology (FinTech) space.
YES Bank will offer its various products and payment gateways and open APIs to the startup community. This association will also help create a conducive business environment and support system for a large number of fin-tech startups.
Ritesh Pai, senior president and country head (digital banking) of YES Bank, said, “YES Bank has been in the forefront of revolutionising the Indian fin-tech startup segment. Currently, our nation holds a range of innovative fin-tech startups that are working in areas such as payment processing to reduce frauds, create newer channels for savings and investments, financial planning and analytics, which are superior enablers of the large Indian banking industry.
We are also happy to mentor the fin-tech startups by offering subject matter expertise, intelligence and knowledge driven financial solutions. Apart from fin-tech, YES BANK will also work closely with startups in segments such as agri-tech, health care, e-commerce, etc.”
“At T-Hub, we encourage not only startups to innovate but also aim to create an environment for them to further fuel their innovative minds. With these partnerships, we hope there will be more research going on at T-Hub that paves the way for ideas and innovations that will spark a change,” Jay Krishnan, CEO of T-Hub, said.
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