SBI inks MoU with IIT Bombay to promote startups in financial sector
The State Bank of India (SBI) has signed a memorandum of understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE) at IIT Bombay to promote innovation by start-ups in the financial sector.
The SINE is IIT Bombay’s technology business incubator to promote innovation by startups in the financial sector.
Under this agreement
- SBI andboth the institutes will identify fintech (financial technology) start-ups that have products or applications to cater to the financial sector.
- These products or applications will identified by SBI and institutes to explore opportunities to enhance the synergy for their banking services
- SBI will provide a platform for testing or piloting such products and applications and maybe also check for any specific business linkages.
- SBI will also interact with the entrepreneurial and research community of SINE to understand latest innovations and conduct knowledge sessions for mutual benefit to arrive.