SBM Bank (India) announced a tie-up with hyperlocal fintech startup PayNearby. Both firms signed a Memorandum of Understanding (MoU) 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 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, said the company.
Both companies stressed that they are focused to build open modular architecture-led platforms, that can support plug and play APIs, ensuring highly customized environments which can expand using respective partnership approach.
“At SBM Bank, banking has become an on-demand experience for the new age customers. Branch locations, banking hours or normal waiting time – these concepts are fast eroding. We, being a new bank, have set sights on offering a seamless experience, comprising of taking the bank to where customers prefer to be,” said Sidharth Rath, MD & CEO, SBM Bank (India).
“Our partnership with Nearby Technologies is built on a commitment to facilitate financial empowerment among underbanked and unbanked segments – through the wide network comprising of the MSMEs and retail outlets,” said Rath.
“Together, we will not only make secured, digital and assisted banking accessible to these entities but also add value in their economic growth. These entities are the backbone of the Indian economy and reaching them directly with the value drivers will trigger a visible positive impact and reduce inefficiency in their economic chain,” he said.
PayNearby is one of the largest agent banking platform from Nearby Technologies – built to educate, engage and push wide range of fintech services, including basic banking facilities like account opening to more advance options like the latest ecommerce experience, the latest payment technology, including UPI, P2P payments and many more.
The technology platform connects consumers via local retailers and micro enterprises, to the solution providers – thereby not only expanding their offerings, but also improving their financial viability and reach. The network of PayNearby retailers, spans across over 16,700 PIN codes in the country.
“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,” said Anand Kumar Bajaj, MD & CEO, PayNearby.