BharatPe to give Fintechs the platform with the PMC play
BharatPe has said that partnering Centrum Finance in a new bank as a part of the PMC Bank rescue, will enable it to provide a platform(tech) for all the Fintechs.
Resilient Innovation is a tech company that owns the BharatPe trademark. It will bring in half of the Rs. 900 crore startup capital which will be needed to set up a brand new finance bank. This bank will be set up together with Centrum Financial Services, and it will take over the failed PMC bank. The Centrum will contribute its share and the share will include the assets of an NBFC ( Non-Banking Finance Company), that will be in turn transferred through a slump sale to the proposed small bank.
Suhail Sameer, the President of the BharatPe group spoke to the TOI and elaborated the banking operations that will dovetail with the merchant acquisition of the BharatPe. According to him, the new bank will be digital and it will solve all the issues relating to the technology. It will also stack the issues that Fintechs face and providing them with the application programming interface integration (API).
Suhail Sameer further said,” What we will bring is the tech platform. This allows us to build products that will be relevant for the fintech universe…build products that a Cred or Zeta could use and benefit the wider ecosystem. Given that we own the bank one way or the other, the benefits will flow to us.”
The integration for BharatPe would mean that the merchant acquisition will become seamless. It will be done by addressing the issues like the KYC, which takes time.