YES BANK, India’s fifth-largest private sector bank, has been significantly contributing to the fintech space by collaborating with and mentoring fintech startups. In March this year, they launched the YES FINTECH accelerator programme for fintech startups.
YES FINTECH has forged key strategic partnership agreements with leading startup biomes in different countries to facilitate an exchange of innovative technologies and solutions, and to give participating startups a global platform. One such collaboration is with the Innovation Center of Denmark (ICDK) - a partnership between the Ministry of Foreign Affairs of Denmark and the Danish Ministry of Higher Education and Science.
As part of this initiative, YES BANK and ICDK India have signed a Memorandum of Understanding (MoU) to bring fintech innovations and startups from Denmark to India, and facilitate the entry of Indian startups to the region. Denmark, once known for its prowess in design and innovation, is now rapidly becoming a fintech hub in Europe. The aim is to promote innovation and assist fintech companies in both countries to expand into each other’s markets.
Under this initiative, YES FINTECH organised an India-Denmark Fintech Mission in Mumbai, in association with the National Institute for Transforming India better known as NITI Aayog. Representatives from ICDK and Copenhagen Fintech, a non-profit working to build a thriving fintech ecosystem in Denmark, attended the mission. Deliberations touched upon several topics including creating a fintech hub in India, setting up centres of excellence for future skills and the key synergies between Denmark and India
The visiting Danish delegation led by H.E Peter Taksøe Jensen, the Ambassador of Denmark to India, included Asbjørn Overgaard Christiansen – Global Head ICDK, Simon Schou – Chief Innovation Officer, Copenhagen Fintech, and Sujeet Samaddar of NITI Aayog. Nine Danish fintech startups and stakeholders were also part of this delegation.
The partnership will help create an Indo-Denmark fintech bridge for:
- Creating market access opportunities for startups in Denmark and India
- Providing technology and infrastructure access to startups to enter the respective markets
- Providing opportunities for startups in Denmark and India to showcase their solutions
- Facilitating an exchange programme for startups in India and Denmark to understand respective markets
- Joint collaboration in the YES FINTECH programme for Danish startups
- Creating a centre of excellence for artificial intelligence and cyber security
Commenting on the partnership, Rana Kapoor, Managing Director and CEO, YES BANK, said, “Denmark is ranked no. 1 in the Global Innovation Index and in the past one year has established itself as a global fintech hub through initiatives like Copenhagen Fintech. India has also prioritised fintech as a key enabler of competitive advantage and I firmly believe that this alliance will further boost efforts to establish Mumbai as a fintech hub, and create a borderless ecosystem for future technologies.”
H.E Peter Taksøe Jensen said, “India’s drive to address financial inclusion, powered by its knowledge and startup hubs that span across IT and Finance, is gathering steam. Denmark is well on its way to becoming the first cashless nation, spurred by its focus on digitisation. I hope the signing of this MoU brings forth a mutually beneficial synergy that drives innovation in Fintech across both countries. I look forward to seeing many Danish startups engage in the YES FINTECH programme going forward.”