SBM Bank India Announces Strategic Partnership With Zwitch

Partnership with Asia’s first end-to-end Embedded Finance platform Zwitch would Offer SBM Bank No-Code, Low-Code Solutions and API-based embedded finance solutions for Fintechs & Non-Fintechs. It looks forward to democratise access and reduce the go-to-market time. Also, it will help businesses unlock new revenue and engage with customers better

SBM Bank India and Open Financial Technologies announced a strategic partnership on 29 Niovember. This move is taken for launching Asia’s first end-to-end Embedded Finance platform Zwitch to offer a no-code, low-code and full-stack API solution that enables fintechs to build their own financial products using Zwitch’s technology stack, comprising of a drag-drop dashboard, low code plugins along with 300 and more APIs (Application Programming Interface).

Non-fintechs such as SaaS platforms, health-techs and more, can also use this platform to embed financial features into their product or service.

For the first time SBM has opened its rails to an Embedded Finance player to roll out these services to the larger enterprise and start-up community. Using a service like Zwitch significantly reduces the go-to-market timelines for these businesses, increases their revenue streams, creates newer avenues to engage with existing and new users.

For instance, ERP (Enterprise Resource Planning) and payroll companies can embed banking and cards into their products, retail stores can offer co-branded cards or pay later solutions to their customers.

Zwitch is built and operated by Open which is the fastest-growing digital banking enterprise in the world. It serves more than 3 million businesses and processes annual transactions worth more than USD 30 billion.

The co-founder and CEO of Open, Anish Achuthan, speaking about the partnership said, “This is a very important partnership that helps democratize fintech for everyone including banks, fintechs, startups, small businesses and more. Through our interactions with businesses, we identified the need to embed financial features like savings accounts, credit and debit cards, lending and more, can open-up new streams of revenue generation and profitability.”

“If these businesses were to take the traditional route of building the technology and getting the required compliances in place, it will take them more than 18-24 months to get an MVP done apart from the high costs involved. With Zwitch, we have built the technology ensuring businesses can embed financial features in a matter of weeks, at 10 times lesser cost using our no-code drag’n’drop widgets or full stack APIs for developers and without having to worry about compliances. This is going to democratize fintech for all and redefine the Indian business landscape and we are happy to partner with SBM Bank India to amplify this mission,” he added.

Head of Retail and Consumer Banking, SBM Bank India, Neeraj Sinha, commented, “Our partnership with Zwitch will enable us to further strengthen our value proposition and open new doors for those aspiring to tap digital banking to make a positive difference in and around them.”

Previously, Zwitch powered which is a health tech company to launch first health savings account in India. In the recent past, Zwitch was available only to select clients in limited beta. More that 50 businesses have built their fintech features using the platform. With this partnership, Zwitch’s technology and services will be available to the larger business community.