SBM Bank, PayNearby ink pact for open banking

Hyderabad: State Bank of Mauritius (India), a step-down subsidiary of SBM Holdings Limited on Monday announced a tie up with PayNearby, a hyperlocal fintech startup.

Both the firms signed a Memorandum of Understanding to build an open banking network for delivering basic banking solutions alongside advanced financial services.

SBM (India) said, through the partnership, the bank will be able to offer digital and assisted banking solutions through PayNearby's network of micro-enterprise and retail touchpoints.

Sidharth Rath, MD & CEO, SBM Bank (India), said: "Our partnership with Nearby Technologies is built on a commitment to facilitate financial empowerment among underbanked and unbanked segments – through a network comprising of the MSMEs and retail outlets."

The deployment of banking module will be done in a phased manner with the existing platforms at PayNearby outlets and touchpoints, it added.

PayNearby has a network of retailers across 16,700 pin codes in the country.

Anand Kumar Bajaj, MD & CEO, PayNearby, said, "we will have more than 20 lakh retail partners on ground, who will be sourced in a phased manner. They will be the first touch point to onboard customers."