SBM Bank (India) and PayNearby collaborate to offer new age financial solutions
Kolkata/IBNS: SBM Bank (India), the first bank to receive banking licence in India from the Reserve Bank of India through wholly owned subsidiary route, recently announced a tie up with PayNearby, India’s largest hyperlocal fintech start up.
Both firms signed a Memorandum of Understanding to build an “open banking” network towards delivering basic banking solutions as well as advanced financial services, to their customers.
The partnership would enable the Bank to offer a complete suite of digital and assisted banking solutions through PayNearby’s network of micro-enterprise and retail touchpoints.
The deployment of the banking module will be done in a phased manner and will work seamlessly with the existing platforms at PayNearby outlets and touchpoints.
Both companies said they will build open modular architecture-led platforms that can support plug and play APIs, ensuring highly customized environments which can expand using respective partnership approach.
Sidharth Rath, MD & CEO, SBM Bank (India), said, “Our partnership with Nearby Technologies is built on a commitment to facilitate financial empowerment among underbanked and unbanked segments – through the wide network comprising the MSMEs and retail outlets. Together, we will not only make secured, digital and assisted banking accessible to these entities but also add value in their economic growth.”
PayNearby is the largest agent banking platform from Nearby Technologies connects consumers via local retailers and micro enterprises, to the solution providers.
The network of PayNearby retailers, spans across over 16,700 pincodes in the country.
Anand Kumar Bajaj, MD & CEO, PayNearby said, “We will have more than 20 lakh new age retail partners on ground, who will be sourced in a phased manner. They will be the first touch point to onboard customers and serve as the founding stone for the neo-banking initiative. The multi-modular, scalable architecture will allow us to easily plug and play different partner APIs and create an ecosystem where in addition to banking facilities, we are also able to offer value added services based on consumer interest
Neeraj Sinha, Head, Consumer & Retail Banking,SBM Bank (India) said, “We are elated to partner with Nearby Technologies – a new age fintech company and together, we shall take a superior and customized banking experience to the people who need it the most.”
PayNearby, powered by SBM Bank (India) will offer all the banking solutions - ranging from account opening, banking transactions, final product sales, AEPS.
Also, all payment transactions and relationship management can be executed at the outlets using the digital app or through an assisted banking feature.
SBM Bank India is a step-down subsidiary of SBM Holdings Ltd. (erstwhile State Bank of Mauritius), a listed entity in the Mauritius Stock exchange, promoted by the Government of Mauritius.
It has a network of six branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Ramachandrapuram.
Image Credit: SBM Bank India/Facebook
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