Yes Bank-iSPIRT launch Fintech App Store to support startups

MUMBAI: India’s private sector bank, Yes Bank in association with iSPIRT, a software product think-tank organization, has launched a first-of-its-kind ‘Fintech App Store’ for Indian startups in the Financial Technology space. The Fintech App store will hold a governance structure making it easy for any startup to access it.

The mutual understanding will enable both the entities to utilize each other’s strengths and willingness to support startups. Established to transform India into a hub for new generation software products, iSPIRT will work towards mentoring Indian Fin-Tech start-ups and guide them through a partnership with Yes Bank. In addition, Yes Bank will offer its various products and payment gateways to assist the on-boarded start-ups to commence operations effortlessly. This association will enable Yes Bank to establish an online app store that can be leveraged by innovative technology product start-up entities in the Fintech space.

For the startups, it would mean a simple and fast go-to-market platform, guided by a progressive Bank, access to customers for trial, branding support to bring credibility, security standards to assure customers comfort and at a very miniscule cost.

Speaking on the association, 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.”

Pai further added, “Fintech companies, as they’ve come to be called, are easing payment processes, reducing fraud, saving users’ money, promoting financial planning, and ultimately moving a giant industry forward. Yes Bank will use its subject matter expertise and the partner insights in the financial services space to develop cases in consultation with iSPIRT. It will make all reasonable efforts to guide and mentor Indian FinTech start-ups.”

Sharad Sharma, Co-Founder & Governing Council Member, 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.”

Sharma further indicated that iSPIRT was pleased to collaborate with YES Bank in evolving a framework for partnering with cutting edge technology solution providers in the Fin Tech space. ISPIRT, which works closely with innovative startups ecosystem, has signed an MoU with YES Bank to help the bank onboard these innovations rapidly and offer newer products in digital banking, mobile payments, lending etc. to their customers, said, NRK Raman, Advisor, iSPIRT.