The partnership enables SBM to offer complete suite of digital and assisted banking solutions through PayNearby’s micro-enterprise and retail networks
State Bank of Mauritius (SBM) Bank (India) has partnered with PayNearby, a fintech start-up, to create an ‘open banking’ network for delivering basic banking solutions and advanced financial services, to customers.
SBM and PayNearby have signed a Memorandum of Understanding (MoU), aimed at enabling SBM to offer a complete suite of digital and assisted banking solutions through PayNearby’s micro-enterprise and retail networks.
The partnership is expected to empower the underbanked and unbanked segments, and enable the micro-enterprise and retail touchpoints to earn better returns on their investments.
SBM Bank (India) MD and CEO Sidharth Rath said: “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.
“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. Together, we will not only make secured, digital and assisted banking accessible to these entities but also add value in their economic growth.”
SBM Bank (India) and PayNearby will provide all banking solutions
According to the MoU, the banking module will be deployed in a phased manner to work with the existing platforms at PayNearby outlets and touchpoints.
Powered by SBM Bank (India), PayNearby is expected to provide banking solutions ranging from account opening, banking transactions, final product sales, AEPS.
In addition, the partnership would allow the execution of all payment transactions and relationship management at the outlets, using a digital app or an assisted banking feature.
Developed to push a range of fintech services, PayNearby is a major banking platform from Nearby Technologies.
PayNearby MD and CEO Anand Kumar Bajaj 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.”