Yes Bank signs MoU with GIFT City to bolster fintech ecosystem

Gandhinagar: GIFT City signed a memorandum of understanding (MoU) with YES BANK to strengthen the fintech ecosystem in GIFT City. The MoU was signed by GIFT City’s Managing Director and Group CEO Mr. Tapan Ray and YES BANK’s MD and CEO Mr. Prashant Kumar in Gandhinagar, Gujarat.

As part of the MoU, GIFT City and YES BANK plan to promote fintech innovation and a fintech accelerator for encouraging, promoting, and supporting fintech startups. Also, the MoU entails conducting programs related to international financial services, promoting GIFT City as a fintech hub in India, and exposing young innovators in the fintech domain to opportunities in India.

GIFT City and YES BANK will collaborate to organize roadshows, seminars, knowledge series, webinars, and/or conferences for creating awareness of the GIFT City fintech regime and promoting GIFT City as the fintech hub of India to house fintech startups and new market participants.

GIFT City and YES BANK will also join hands to design and execute innovation and entrepreneurial programs like boot camps, hackathons, and incubation and acceleration in the fintech domain focused on areas such as payments, lending, financial planning, insurance technology, regulatory technology, wealth management, and trade processing among others.

Mr. Tapan Ray, Managing Director and Group CEO, GIFT City, said, “GIFT City is fast emerging as the fintech hub of India and we are delighted to join hands with YES BANK, one of the pioneers in the fintech space. India has a high fintech adoption rate globally. Through this MoU, we aim to provide a robust ecosystem to encourage and support fintech startups at GIFT City.”

Mr. Prashant Kumar, MD & CEO, YES BANK said “YES BANK IFSC banking unit (IBU) is extremely pleased to further strengthen its strategic partnership with GIFT City. Having been the first Bank to go live at GIFT IFSC in October 2015, the Bank has continuously invested in expanding its IBU franchise with considerable balance sheet and intellectual capital. We are now extremely delighted to collaborate with GIFT City on this highly strategic initiative to enable the start-up ecosystem to leverage the world-class infrastructure, fiscal and other incentives provided by GIFT City.

DeshGujarat