The partnership will empower future-ready, innovative fintech solutions and propel full-funnel growth. Startups would secure a safe ecosystem and blueprint to conduct their business operations.
Mumbai, 05th April, 2022: Afthonia Lab, India’s leading private fintech incubator, announced a strategic partnership with DBS Bank India Limited to empower fintech startups to bring innovative solutions to transform the traditional Indian financial industry. Through this partnership, startups from Afthonia Lab can tap into the DBS network to receive a safe ecosystem to experiment, test their ideas and grow.
Startups with Afthonia Lab will access a secure and safe ecosystem and blueprint to conduct their business operations supported by DBS. With Afthonia Lab’s technological expertise and DBS Bank’s digital infrastructure, these startups can prepare for the next inflexion point in their journeys to move ahead in their respective marketplaces.
Speaking on this partnership, Tanul Mishra, CEO, Afthonia Lab, said, “We are glad to be associated with DBS Bank since we believe that the traditional financial industry is on the cusp of a digital revolution, and fintech startups are leading this change. Partnering with DBS was an obvious choice because of our shared ideology that fintech startups are the principal growth drivers of the economy, currently in the aftermath of Covid. With DBS, we want to ensure a holistic and safe environment for startups to not only grow but thrive.”
Commenting on this partnership, Sudarshan Chari, Executive Director & Head – Business Banking, DBS Bank India, said, “The world today is moving towards integrating seamless digital experiences for various banking requirements of users. As a digital-first bank, we are aligned with the vision to empower innovation and design end-to-end digital solutions that would ease financial access for customers. True to Startup India’s ethos, we take pride in partnering with a like-minded fintech incubator like Afthonia Lab to catalyze startup culture and build an inclusive ecosystem for innovation. The partnership offers an opportunity for startups to build an integrated platform that will shape the future of financial services in the country. This shift to platform-based models is a win-win for both fintech and banks as it provides benefits to both.”
About Afthonia Lab
Based in Bengaluru, Afthonia Lab is an incubator for fintech startups. Launched in 2019 by Tanul Mishra, it helps startups become business-ready via incubation strategies for product-market fit, mentoring, and access to investors. The incubator aims to be a one-stop destination for fintech start-ups with an experienced and well-structured body of mentors from diverse sectors in India and abroad. These programs will enable the start-ups to scale at different stages of the business’ life cycle. The incubator has a unique approach of curating knowledge from mentors across matured markets such as the US and Europe.
DBS is a leading financial services group in Asia with a presence in 18 markets. Recognized for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021. DBS was also ranked No. 1 on Forbes’ list of the World’s Best Banks in India for two consecutive years.
DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India’s first mobile-only bank – digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The bank now has a network of nearly 600 branches across 19 states in India.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. In 2020, DBS introduced the “Towards Zero Food Waste” initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 30,000+ staff representing over 40 nationalities.
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