Page 21 - Banking Finance December 2022

PRESS RELEASE

SBM Bank India has announced a strategic partnership with Asia’s

first end-to-end Embedded Finance platform, "Zwitch"

SBM Bank India and OPEN Financial Technologies Pvt Ltd revenue generation and profitability. If these businesses
today announced a strategic partnership for launching Asia’s were to take the traditional route of building the technology
first end-to-end Embedded Finance platform- Zwitch- to and getting the required compliances in place, it will take
offer a no-code, low-code and full-stack API solution that them more than 18-24 months to get an MVP done apart
enables fintechs to build their own financial products using from the high costs involved. With Zwitch, we have built
Zwitch’s technology stack, comprising of a drag-drop the technology ensuring businesses can embed financial
dashboard, low code plugins along with 300+ APIs. Non- features in a matter of weeks, at 10x lesser cost using our
fintechs like SaaS platforms, health-techs etc. can also use no-code drag and drop widgets or full stack APIs for
this platform to embed financial features into their product developers, and without having to worry about
or service. compliances. This is going to democratize fintech for all and
This is the first time SBM has opened its rails to an Embedded redefine the Indian business landscape and we are happy
Finance player to roll out these services to the larger to partner with SBM Bank India to amplify this mission.”
enterprise and startup community. Using a service like
Neeraj Sinha, Head – Retail & Consumer Banking, SBM
Zwitch significantly reduces the go-to-market timelines for
Bank India added, “We have been the most vocal supporters
these businesses, increases their revenue streams, creates
and implementers of digital banking in the country. At SBM
newer avenues to engage with existing and new users. For
Bank India, we believe that a diverse and huge country such
instance, ERP and payroll companies can embed banking
as India can have no absolute solution to grow, but a blend
and cards into their products, retail stores can offer co-
of various inclusive, collaborative, customized and
branded cards or pay later solutions to their customers.
consistent strategies, and offerings. Our partnership with
Furthermore, Zwitch is built and operated by Open- the Zwitch will enable us to further strengthen our value
world’s fastest-growing digital banking enterprise that proposition and open new doors for those aspiring to tap
serves more than 3 million businesses and processes annual digital banking to make a positive difference in and around
transactions worth more than USD 30 billion. them.”
Speaking of the partnership, OPEN’s Co-founder and CEO In the past, Zwitch powered Fedo.ai, a health tech company
Anish Achuthan added, “This is a very important partnership to launch India’s first health savings account. Till recently,
that helps democratize fintech for everyone including banks, Zwitch was available only to select clients in limited beta
fintechs, startups, small businesses and more. Through our and over 50+ businesses have built their fintech features
interactions with businesses, we identified the need to using the platform. With this partnership, Zwitch’s
embed financial features like savings accounts, credit & technology and services will be available to the larger
debit cards, lending etc. that can open-up new streams of business community.

ICICI Bank introduces two new products for NRIs at its GIFT City
branch

ICICI Bank today announced the launch of two new products, namely Loan Against Deposits (LAD) and Dollar Bonds, for
NRI customers at its branch in GIFT City, the Gujarat-based emerging global financial and IT services hub. ICICI Bank is
the first bank to offer these products in GIFT City.
Speaking on the launch, Mr. Sriram H. Iyer, Head – International Banking Group, ICICI Bank said, “We, at ICICI Bank,
continue to launch solutions to meet customer needs. In line with this philosophy, we are offering Dollar Bonds and Loan
against Deposits to our NRI customers through our branch at GIFT City. Foreign currency bonds are one of the preferred
investment options amongst NRI clients. We want to provide our customers with the ease of banking digitally, driving a
seamless journey and a hassle-free experience. As we expand our horizons, we are excited to see what lies ahead of us
while we continue to create value for our customers across geographies in line with regulatory provisions.”

BANKING FINANCE | DECEMBER | 2022 | 21