IIT-B signs MoU with SBI to promote financial start-ups

In a first, the Indian Institute of Technology, Bombay (IIT-B) signed an MoU with a public sector bank to promote innovation by startups in the financial sector. As per the MoU signed by IIT-B’s Society of Innovation and Entrepreneurship (SINE) and the State Bank of India, the bank will provide a platform for testing/piloting financial products/applications of FinTech startups that will be identified by both parties. The bank has sanctioned a `200-crore fund for the same.

According to an official from SINE, one of the key pain areas for startups and entrepreneurs is funding and both IIT-B and SBI will be addressing the problem through this MoU.

“As per the MoU, both parties will identify FinTech start ups that have products/ applications to cater to the financial sector and can help SBI to explore opportunities to enhance the synergy for their banking services. SBI will provide a platform for testing/piloting such products/applications and also check for any specific business linkages,” said the official.

Speaking on the need for joining hands with SBI, the official added, “SBI has a large network across the country. This will definitely help the start ups, especially ones with social relevance, to reach out to the larger community.”

On the role of SBI, the official said that apart from funding start-ups, SBI would interact with the entrepreneurial and research community at IIT Bombay including e-cell, Desai Centre, start ups of SINE to understand latest research, innovations and conduct knowledge sessions for mutual benefit to arrive at technological solutions.