SBI inks MoU with IIT Bombay to promote fintech start-ups
State Bank of India (SBI) in the second week of July 2016 signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Society for Innovation and Entrepreneurship (SINE).
The MoU was signed to promote innovation by start-ups in the financial sector.
The deal also aims to help evaluate start-ups operating out of SINE or those being promoted by SINE for early stage funding within the bank’s norms.
SINE is IIT Bombay’s technology business incubator.
- Both the parties will identify FinTech start-ups 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.
- SBI will provide a platform for testing/piloting such products/applications.
- SBI will also check for any specific business linkages.
- SBI will interact with the entrepreneurial and research community at IIT Bombay, including e- cell, Desai Centre, startups of SINE. The interaction will be done to get a better idea of the latest research being done, innovations and also conduct knowledge sessions for mutual benefit.
- If SBI decides to infuse funds in the startups, SINE may help the bank do initial screening for technical competency, impact of innovation etc.
- If SBI decides to infuse funds in any of the start-ups at SINE, the funding model will be considered on case to case and merit basis.