What is SBM Bank India's fintech-first strategy?

State Bank of Mauritius India has just eight branches in six states across the country but has over 30 fintech partners. Unlike other banks that have a handful of fintechs for customer acquisition, SBM Bank India's list includes at least 10 marquee fintechs across lending, neobanking and investing. The Mauritian lender which began operations only in 2019 has adopted a fintech-first model for its growth in India. It aims to become the Amazon of banking with a financial marketplace proposition that offers banking services digitally through tie-ups. A fintech-first approach helps the bank grow its presence by serving underserved customers while saving on investing in a physical branch presence.