{"id":25606,"date":"2023-02-01T08:56:09","date_gmt":"2023-02-01T08:56:09","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-an-obscure-mauritian-bank-became-the-darling-of-indian-fintech"},"modified":"2023-02-01T09:39:48","modified_gmt":"2023-02-01T09:39:48","slug":"how-an-obscure-mauritian-bank-became-the-darling-of-indian-fintech","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-an-obscure-mauritian-bank-became-the-darling-of-indian-fintech","title":{"rendered":"How an obscure Mauritian bank became the darling of Indian fintech"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>And then you see an email from Niyo, the fintech company whose forex card you use. They\u2019ve had to suspend your card! Your money is stuck. As you scroll through the email, you find that the problem isn\u2019t actually with Niyo.<\/p>\n

It\u2019s with an entity called SBM Bank. And that\u2019s when you look at the card and finally pay attention to SBM Bank printed at the bottom. You realize, \u201cOh, this isn\u2019t State Bank of Mysore! This is State Bank of Mauritius.<\/p>\n

\u201d See, Niyo wasn\u2019t really a bank. They were a fintech. They gave you the card, yes.<\/p>\n

But they had to use a banking partner \u2014 SBM Bank \u2014 to actually enable these bank-like transactions. But then, SBM Bank was pulled up by the RBI last week.<\/p>\n

It was suspended from enabling international transactions. Oops. Now we don\u2019t know why RBI has taken such a decision out of the blue. The central bank hasn\u2019t revealed much in its public notice except for saying \u2018supervisory concerns.<\/p>\n

\u2019 But the collateral damage is clear \u2014 it\u2019s folks like Niyo\u2019s customers who are stuck on foreign shores and panicking.<\/p>\n

And while Niyo\u2019s customers wait for a resolution, this fiasco got us thinking \u2014 SBM Bank has actually partnered with over 40 fintech companies in India.<\/p>\n

BNPL, credit cards, foreign stock investments, you name it and SBM Bank is there in the thick of things. So how on earth did this obscure bank from a faraway island nation become a darling among Indian fintech?!<\/p>\n

Naturally, the story begins on the island of Mauritius off the coast of southern Africa. The country has never been an economic powerhouse and largely survived on the back of tourism.<\/p>\n

But it needed to find a way to attract capital. So it turned itself into a tax haven. And it became a massive offshore financial centre that serviced the banking needs of foreigners.<\/p>\n

At one point, these assets were 50 times more than its GDP. And banks like the State Bank of Mauritius benefited from this influx of money too. But tax treaties were slowly being reworked.<\/p>\n

Countries didn\u2019t like that Mauritius was a tax haven. India tweaked its agreement with Mauritius back in 2016 as well. And banks in Mauritius felt the heat.<\/p>\n

Their growth was slowing down. So they had to expand and look outward. That\u2019s when SBM Bank decided that the opportunity was quite immense in India. While it had a presence through a regular branch in the country since the 90s, it wanted a full-fledged licence.<\/p>\n

Get the complete banking experience. So it applied for a licence and got the approval in December 2018. SBM Bank India had arrived. But here\u2019s the thing.<\/p>\n

It never harboured intentions of becoming a traditional bank. It didn\u2019t want to set up branches that each cost \u20b92 crores across the country. It didn\u2019t want to hire thousands of relationship managers to canvas for business.<\/p>\n

It didn\u2019t want to be a capital-intensive bank. Instead, as Sidharth Rath, SBM Bank India\u2019s CEO put it, \u201cWhat we want is an open architecture banking where startups and fintechs etc, do the job for us.<\/p>\n

It will be a highly asset light model wherein we\u2019ll just be owning the brand and checking misuse. \u201d Essentially, the bank will do everything a typical bank does \u2014 deposits, credit, and wealth management.<\/p>\n

But it\u2019ll do this quietly in the background. It will wait for its partners to drive business. And then make its way in quietly by picking up small deposits.<\/p>\n

Not many folks are aware that behind their fintech cards, there could be an SBM Bank. But why did fintechs partner with SBM Bank in the first place, you ask? Couldn\u2019t they have simply gone with more established banks?<\/p>\n

Well, for starters, as LiveMint reported, large banks were a little cautious about the partners they onboarded. They\u2019d take their own sweet time to get the paperwork and approvals in order.<\/p>\n

They would easily take 8\u20139 months. After all, legacy banks aren\u2019t dependent on fintech startups for business. They acquired customers through their own branches.<\/p>\n

Now, startups don\u2019t have the patience to wait so long to get their business up and running. They like to move fast and break things. And SBM Bank was only too happy to oblige.<\/p>\n

It wasn\u2019t picky about its partners. Pay the bank the money and it would help launch the startup\u2019s product. All within just a couple of months. Or less.<\/p>\n

And SBM Bank needed this business. It basically let startups piggyback on its banking licence for a fee \u2014 it was \u2018banking as a service (BaaS)\u2019. And that\u2019s how this tiny bank made money.<\/p>\n

Secondly, as The Ken pointed out, SBM Bank was maybe willing to go where other banks weren\u2019t. For instance, you know Slice, the fintech BNPL, right? Well, Slice issued physical cards that looked and behaved like a credit card.<\/p>\n

You could swipe the card and simply pay the money later. But Slice couldn\u2019t do it on its own. It needed a banking partner that had the requisite licence.<\/p>\n

That\u2019s when SBM Bank stepped in. It allowed Slice to use its Prepaid Payment Instruments licence. And while prepaid cards are like debit cards, they tweaked the card in a manner that it could dole out credit instead.<\/p>\n

It was ingenious. Now established banks probably didn\u2019t want to push their luck with the banking regulator by doing that. They had too much at stake to lose.<\/p>\n

But SBM Bank was still trying to make inroads. They jumped in and took the risk. And it was a winner! Slice saw its business boom. Other fintechs saw this and wanted SBM Bank on their side too.<\/p>\n

SBM Bank had become a fintech darling! But here\u2019s the thing. Fintechs might be getting a little worried about this RBI order against the bank. Remember, their business is basically dependent on this one obscure foreign bank.<\/p>\n

And if the business is dependent, so are their valuations! And that doesn\u2019t inspire a lot of confidence. Especially when things go wrong as they did for Niyo.<\/p>\n

These fintechs might try to hedge their bets and go hunting for other banking partners. Maybe like Federal Bank which has also been quite the favourite among fintechs.<\/p>\n

And we\u2019ve seen that play out in the past. Remember when a couple of years ago when the RBI \u201cblocked withdrawals from Yes Bank? Well, fintech payments giant PhonePe almost exclusively depended on Yes Bank.<\/p>\n

If you were a PhonePe user who created a UPI handle on the app, you would have been assigned a virtual payment address (VPA) linked to Yes Bank. Irrespective of where you held your actual bank account.<\/p>\n

But when the ban was enforced, all these @ybl and @yesbank UPI handles were blocked too. Merchants who used the PhonePe QR codes also couldn\u2019t accept payments.<\/p>\n

With Yes Bank being in the middle of 39% of all UPI payments, it turned into an absolute mess for a while. Overnight, PhonePe had to strike a deal with ICICI Bank and solve the issue.<\/p>\n

And Yes Bank lost steam. So yeah, while State Bank of Mauritius has taken the Indian fintech scene by storm thus far, we\u2019ll have to see if this RBI diktat will change its fortunes for the worse.<\/p>\n

<\/a>Ditto Insights: Why Millennials should buy a term plan<\/p>\n

According to a survey, only 17% of Indian millennials (25\u201335 yrs) have bought term insurance. The actual numbers are likely even lower. And the more worrying fact is that 55% hadn\u2019t even heard of term insurance!<\/p>\n

So why is this happening? One common misconception is the dependent conundrum. Most millennials we spoke to want to buy a term policy because they want to cover their spouse and kids.<\/p>\n

And this makes perfect sense. After all, in your absence you want your term policy to pay out a large sum of money to cover your family\u2019s needs for the future.<\/p>\n

But these very same people don\u2019t think of their parents as dependents even though they support them extensively. I remember the moment it hit me. I routinely send money back home, but I had never considered my parents as my dependents.<\/p>\n

And when a colleague spoke about his experience, I immediately put two and two together. They were dependent on my income and my absence would most certainly affect them financially.<\/p>\n

So a term plan was a no-brainer for me. There\u2019s another reason why millennials should probably consider looking at a term plan \u2014 Debt. Most people we spoke to have home loans, education loans and other personal loans with a considerable interest burden.<\/p>\n

In their absence, this burden would shift to their dependents. It\u2019s not something most people think of, but it happens all the time. Finally, you actually get a pretty good bargain on term insurance prices when you\u2019re younger.<\/p>\n

The idea is to pay a nominal sum every year (something that won\u2019t burn your pocket) to protect your dependents in the event of your untimely demise. And this fee is lowest when you\u2019re young.<\/p>\n

So if you\u2019re a millennial and you\u2019re reading this, maybe you should reconsider buying a term plan. And don\u2019t forget to talk to us at Ditto while you\u2019re at it.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. And then you see an email from Niyo, the fintech company whose forex card you use. They\u2019ve had to suspend your card! Your money is stuck. As you scroll through the email, you find that the problem isn\u2019t actually with Niyo. It\u2019s with an entity called SBM Bank. And that\u2019s when you […]<\/p>\n","protected":false},"author":84,"featured_media":25605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8],"tags":[233,245,373,241],"class_list":["post-25606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","tag-africa-press","tag-africa-press-mauritius","tag-bank","tag-mauritius"],"yoast_head":"\nHow an obscure Mauritian bank became the darling of Indian fintech - Mauritius<\/title>\n<meta name=\"description\" content=\"And then you see an email from Niyo, the fintech company whose forex card you use. They\u2019ve had to suspend your card! 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