To explore business synergies for payments bank and raise new domestic capital
Mumbai, July 29, 2016: FINO PayTech, recipient of in-principle approval to start payments bank, today announced that it has entered into a strategic business and investment partnership with the country’s leading oil marketing company Bharat Petroleum Corporation Limited (BPCL).
The partnership will bring differentiated banking as for the first time an oil marketing company has associated with a financial services company which has been granted in principle approval for payments bank as an investor and a strategic partner. FINO PayTech and BPCL would come together to develop a payments ecosystem for millions of BPCL customers and fleet operators, leveraging on each other’s synergies and capabilities. The combined thrust of FINO’s financial services delivery and BPCL’s customer base and distribution outlets, has the potential to accelerate the growth of FINO Payments Bank.
Announcing the partnership Rishi Gupta, CEO& MD, FINO PayTech Limited said, “We are happy and proud to have BPCL as an investor and strategic partner for our Payments Bank foray. Leveraging the existing synergies will strategically benefit and fuel growth for both FINO and BPCL. The extensive reach of BPCL distribution allows FINO Payments Bank to substantially improve its reach, especially in rural India. On the other hand, BPCL will be able to offer variety of payments bank products to its customers and partners. Our collective experience will go a long way in building a strong institution.”
BPCL spokesperson quote, “BPCL plans to leverage its marketing network to participate in the financial inclusion initiative in the country even as it offers convenience to the customers based on the evolving trends in the payments arena. BPCL is in the process of rolling out various customer service initiatives in its core retail fuels business using the emerging technology solutions. This investment provides an excellent base for supporting and strengthening these initiatives. This partnership coupled with the ultimate launch of the Payments Bank by FINO PayTech offers an excellent platform for providing customized offerings to different segments of customers and thereby drive the business of fuel and non-fuel offerings.”
FINO PayTech has presence across 28 states covering over 500 districts through 28500 transaction points. Having developed cost effective technology solutions in-house, FINO provides basic banking, DBT payments, remittances, and a host of payment services for the unbanked rural and urban masses.
About FINO PayTech:
FINO PayTech is a payments technology solutions provider to banks, financial institutions and MFIs. Together with its extensive service delivery network, FINO facilitates access to financial services to the unbanked and un-served segments of the population. It services over 28 million active banking customers spread across urban and rural areas in the country providing a range of financial services viz savings, remittance, insurance, credit etc. It is one of the recipients of in-principle approval from RBI to start a payments bank. (www.finopaytech.com)
BPCL is a Fortune Global 500 Company ranked 358 in the year 2016. BPCL is a Navratna Public Sector Enterprise and one of the premier integrated oil refining and marketing companies in India. During the financial year 2015-16, BPCL’s net income from operations stood at Rs. 1,89,098 crores and the net profit was Rs. 7,432 crores.