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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.
SBM Bank bets on tie-ups to grow India ops; not to add branches
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Last Updated: Apr 19, 2021, 12:57 PM IST
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DBS, the only other wholly-owned subsidiary, acquired struggling private sector lender Lakshmi Vilas Bank last year, which gave it access to 563 branches.
Reuters
The bank is not keen on adding to its brick and mortar branch network, which right now consists of six outlets in metro cities and two in unbanked rural areas, Rath said
SBM Bank India, the wholly-owned subsidiary of the Mauritian government s SBM, is betting on partnerships with fintechs and non-bank entities to grow its business here and is not interested in growing its branch network like DBS Bank India did with an acquisition, a top official has said. SBM Bank India wants to grow its business through granular liabilities collection and booking fees by aiding in various banking transactions, its managing director and chief executive Sidharth Rath said.