Tag: ecosystem

GIFT City join hands with BRTSIF to accelerate fintech innovation, BFSI News, ET BFSI

Banking & Finance

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Gujarat International Finance Tec-City (GIFT City) on Thursday said it has collaborated with the BIL Ryerson Technology Startups Incubator Foundation (BRTSIF) to accelerate fintech innovation. GIFT City is India’s first smart city and international financial services centre (IFSC), and BRTSIF is a joint venture among BSE Institute Mumbai, Ryerson University and Simon Fraser University, Canada.

As part of the collaboration, Zone Startups India, a part of BRTSIF, will explore avenues to set up and promote a fintech hub in GIFT SEZ, according to a statement by GIFT City.

It will further lay down the foundation to promote start-ups and support the Government of India’s vision for entrepreneurship development and innovation culture at GIFT-IFSC.

GIFT City is emerging as a hub for fintech activities and BRTSIF would play an important role for promoting talent and developing ecosystem to attract start-ups in GIFT IFSC, the statement noted.

GIFT City MD and CEO Tapan Ray said, “Fintech and IFSC are emerging fields in India with immense potential. Their synergy is essential to develop a matured financial ecosystem in the country, given their dynamic traits.”

According to him, one of the objectives of GIFT City has been to provide a productive platform for fintech and related sectors to be globally competitive.

Zone Startups will develop a programme to attract domestic as well as international fintech and fintech-enabled start-ups in areas such as digital banking, crowdfunding, insure-tech, and prepaid payment instruments, among others.

Zone Startups Managing Director Hemant Gupta said the world of banking and financial services is entering a phase of deeply transformative digitisation.

“A new generation of digital consumers expects a modern and seamless customer experience and is demanding new ways of transacting business. Emerging trends in neo-banking, app-led payments, and digital currencies are all creating new opportunities and presenting new problems that need solutions,” he added.



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Through digital strategy, SBI to explore partnership with Agritechs to push farm credit

Banking & Finance

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State Bank of India (SBI) explores opportunities to enter into partnerships with select Agritechs to handle high volume and low-ticket loans in the Agribusiness optimally through a digital strategy.

India’s largest bank sees Agritech (agricultural technology) as a channel to bring in a new segment of customers (which the bank could not access earlier) – a channel to improve decision making, grow top-line and improve efficiency.

 

“The partnership will also serve as an opportunity to cut operational costs, credit costs, improve profitability and user experience as digital transformation will no longer be optional but a necessity for structural change in the digital ecosystem,” as per the bank’s annual report.

The bank wants to enter into partnerships with Agritechs with a differentiated business model that will help facilitate the transformation of the Agri supply chain to improve farm production opportunities for the farmers.

This will be done using digital tools such as Artificial Intelligence (AI), Blockchain, IoT (Internet of Things) and Machine Learning-powered capabilities.

During FY21, SBI disbursed ₹1,98,268 crore against the target of ₹1,74,468 crore.

 

“Growth in agriculture and allied activities is the only silver-lining in such a gloomy year.

“Agri Gross Value Added expanded by 3.6 per cent in FY2021 due to sufficient access to inputs, adequate and well-spread south-west and northeast monsoon rains, sufficient reservoir levels and improved soil moisture,” the report said.

According to data on the sectoral deployment of bank credit for March 2021, credit growth to Agri and Allied activities accelerated to 12.3 per cent in March 2021 (4.2 per cent a year ago), the highest since April 2017, it added.

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