T-Hub, India’s largest incubator for startups, signed a memorandum of understanding (MoU) with YES Bank, India’s fifth largest private sector bank, here on Monday on setting up a world-class centre of excellence (CoE) for FinTech startups at T-Hub located in Hyderabad.
The MoU signed is a first of its kind in nature which will enable the Indian startups across segments, with primary focus on financial technology (FinTech) space.
YES BANK - @THubHyd MoU will create a conducive business environment & support system for #FinTech #startups. pic.twitter.com/t44P83yoxn
— YES BANK (@YESBANK) April 4, 2016
T-Hub's association with Yes Bank will also help create a conducive business environment and support system for a large number of fin-tech startups. In addition, YES Bank will offer its various products, payment gateways and open APIs to the startup community.
Yes Bank, CISCO and ParadigmIT were among different companies which signed MoUs with the Telangana government, and its arms T-Hub and Telangana Academy for Skill and Knowledge (TASK) at the launch of state's new Information and Communication Technology policy and four other subsidiary policies.
Ritesh Pai, senior president and country head (digital banking) of YES Bank, said, “YES Bank has been in the forefront of revolutionising the Indian fin-tech startup segment. Currently, our nation holds a range of innovative fin-tech startups that are working in areas such as payment processing to reduce frauds, create newer channels for savings and investments, financial planning and analytics, which are superior enablers of the large Indian banking industry.
We are also happy to mentor the fin-tech startups by offering subject matter expertise, intelligence and knowledge driven financial solutions. Apart from fin-tech, YES BANK will also work closely with startups in segments such as agri-tech, health care, e-commerce, etc."
"At T-Hub, we encourage not only startups to innovate but also aim to create an environment for them to further fuel their innovative minds. With these partnerships, we hope there will be more research going on at T-Hub that paves the way for ideas and innovations that will spark a change," Jay Krishnan, CEO of T-Hub, said.
Under another MoU, Microsoft India will offer Microsoft office Specialist certification programmes to educators and students at registered colleges of TASK.
CISCO and ParadigmIT will also set up smart cities centre of excellence at T-Hub. They will set up a Proof of Concept (PoC) of smart parking and smart lighting solutions. The two companies will work with companies and startups in developing innovative solutions using Internet of Things.
HPE will set up its innovation centre/lab infrastructure to develop, test and pilot innovative technology enabled ideas at T-Hub.
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