HDFC Bank has launched a bespoke solution for fintech start-ups in a bid to provide greater access to banking and payment offerings as well as advisory services.
HDFC Bank has launched a bespoke solution for fintech start-ups in a bid to provide greater access to banking and payment offerings as well as advisory services.
Known as ‘SmartUp’, the new initiative is part of a broader effort by the bank to help foster the “spirit of innovation and enterprise” in India’s start-up space by facilitating the creation of a “start-up ecosystem”.
The SmartUp initiative was launched in collaboration with Zone Startups India, a start-up accelerator in Mumbai.
“To drive the entrepreneurial spirit and growth, start-ups, particularly at the initial stages, need a tailored banking solution and SmartUp meets their requirements,” said Zone Startup India director, Ajay Ramasubramaniam.
HDFC confirmed that the benefits of SmartUp will include:
- Enhanced transaction limit with no minimum balance requirement for first six months
- Customised salary account offering coupled with best-in-class services and largest suite of product range
- PayZapp for business, providing invoicing, delivery and collection solutions and secure money transfer
- Dedicated relationship manager for taking care of all banking needs as well as investment advisory
- Recommendation of a chartered accountant for tax, regulatory and compliance issues
- End to end support for all foreign trade and remittances services with respect to regulatory guidelines and special exchange rates
- Opportunity to showcase products on SmartBuy to over 32 million HDFC Bank customers
HDFC’s branch banking head north and west and co-head of eCommerce, Smita Bhagat, said that the initiative will be made available across India, including “tier 2 and 3 cities” which Bhagat said were emerging as start-up hubs.
“SmartUp for start-ups is a complete banking solution created by HDFC Bank. It not only provides the basic banking transactions, but also valuable services like advisory services, forex and payment solutions,” she said.
“We believe start-ups in India need partners who will be with them right from the start of their entrepreneurial journey, creating solutions that evolve as the company grows.”
