SBM Bank India partners Open to launch fintech platform

SBM Bank India, a subsidiary of State Bank of Mauritius, has partnered with Open Financial Technologies to offer no/low code and API-based embedded finance solutions for fintechs.

SBM Bank India and Open Financial launch Zwitch

Fintechs and non-fintechs alike will be able to use end-to-end embedded finance platform Zwitch to build their own financial products using its technology stack, comprising of a drag and drop dashboard, low code plugins and more than 300 application programming interfaces (APIs).

Zwitch is built and operated by Open, which claims to be the world’s fastest-growing digital banking enterprise serving more than 3 million businesses and processing annual transactions worth more than $30 billion.

The strategic partnership will help firms open new revenue streams, democratise access to financial products and reduce the go-to-market time for firms looking to innovate.

Open co-founder and CEO Anish Achuthan says the platform will democratise fintech for banks, fintechs, start-ups and small businesses and “redefine” the Indian business landscape.

“With Zwitch, we have built the technology ensuring businesses can embed financial features in a matter of weeks, at 10x lesser cost using our no-code drag and drop widgets or full stack APIs for developers, and without having to worry about compliances.”