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SBM Bank ties up with 30 fintechs to grow deposits © Provided by The Times of India Mumbai: SBM Bank, a wholly owned subsidiary of State Bank of Mauritius, has partnered 30 fintech firms as a part of its strategy to acquire customers using the ‘banking as a service’ model. Under this, the fintechs provide an interface for customers, and the bank delivers the network effect by providing not just the banking platform but also access to other fintech services that it has partnered with. SBM earlier operated as an Indian branch of its parent doing wholesale banking and did not have any electronic interface like internet or mobile banking. In end-2018, the bank got a full-fledged bank licence. “This enabled us to leapfrog in terms of IT and provide a new technology stack to the customer,” said MD & CEO Sidharth Rath. According to him, the bank took a call to build a liability (deposit) franchise first. “Building a branch network is expensive and it costs as much as Rs 1-1.

Bachat khataNeeraj sinhaSidharth rathState bankBachat khataRemittance schemeநீரஜ் சீன்ஹாசிடார்த் ரத்நிலை வங்கிபணம் அனுப்புதல் திட்டம்