SBI joins hands with IIT Bombay to boost fintech startups
Delegates from SBI and IIT Bombay on the occasion of signing the MoU
The nation’s largest public sector bank State Bank of India has tied up with Society for Innovation and Entrepreneurship (SINE) at IIT Bombay to promote innovation by fintech stratups. This is the first such tie-up by a public sector bank with a premier educational institute like IIT Bombay.
SINE is a business incubation centre of IIT Bombay which helps budding student entrepreneurs in the tech field. This centre was set up as a nonprofit entity in 2004 with functional autonomy under its own Governing Board, with Board members from IIT Bombay faculty and many industry experts. The basis for incubation for startup is the potential to create economic growth, strategic value and social value.
According to a press release issued by IIT Bombay(IIT-B), both IIT-B and SBI will identify startups that have products/ applications to cater to the financial sector and can help SBI to explore opportunities to boost their banking services. SBI will also provide a platform for testing such product applications or try the pilot projects along with exploring specific business linkages.
Both SINE and SBI will try to understand the key challenges faced by the entrepreneurial community and help seek solutions. SBI will interact with the entrepreneurial and research community at IIT Bombay including e cell, Desai Centre, startups of SINE to understand the latest research, innovations and conduct knowledge sessions for mutual benefit to arrive
According to a press release issued by IIT Bombay(IIT-B), both IIT-B and SBI will identify fintech startups that have products/ applications to cater to the financial sector and can help SBI to explore opportunities to boost their banking services. SBI will also provide a platform for testing such product applications or try the pilot projects along with exploring specific business linkages.
at technological solutions. SINE will extend complete support and coordinate with stakeholders at IIT Bombay.
This collaboration will help evaluate startups operating out of and promoted by SINE for early-stage funding within the bank’s norms. If SBI decides to infuse funds in fintech startups, SINE may help for the initial screening like technical competency, product roadmap, innovation subject, the impact of innovation, etc. The funding model will be considered on a case to case and merit basis.