Private lender, Yes Bank has signed Memorandum of Understanding (MoU) with GIFT City to bolster fintech ecosystem.
GIFT City has announced that it 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 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 to promoted fintech innovation and a fintech accelerator for encouraging, promoting and supporting fintech startups. The MoU entails conducting programmes 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 organise roadshows, seminars, knowledge series, webinars and/or conferences for creating awareness on the GIFT City fintech regime and promoting GIFT City as the fintech hub of India to house fintech startups and new market participants.
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.”
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.