Here's how Fintech is set to get a major boost from SBI's deal with IIT Bombay incubator

With close to 400 companies in India focusing at the fin-tech market globally, this sector is attracting major investor attention. Almost $450 million was pumped into the fin-tech product startups last year, and this figure is only going to get a boost now after SBI inked a deal with IIT-Mumbai business incubator SINE to further promote innovation by Fin-tech startups.

The MoU between India’s top public sector bank and the country’s leading B-school will further pump Rs 200 crore SBI fund to fin-tech startups on merit basis in the coming days, besides providing them mentorship. An additional fund is set to give this segment a major boost, here’s how:

Both the parties will identify startups in this space that have products or applications to cater to the financial sector and can help SBI explore opportunities to enhance the synergy for their banking services.

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SBI will provide a platform for testing/ piloting such products/applications and maybe also check for any specific business linkages. It will be helped by SINE to do initial screening for technical competency, product roadmap, innovation subject, impact of innovation for startups the bank is interested in funding.

The MoU will also facilitate SBI’s interaction with the researchers, E-cell and other startups of SINE to keep abreast of the innovations and research being done that can be used for further benefits.