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KSUM inks MoU with HDFC Bank for banking services to startups

Sanjeevni Today 25-10-2019 04:07 PM

KSUM inks MoU with HDFC Bank for banking services to startups

Thiruvananthapuram. Kerala Startup Mission (KSUM) has entered into a memorandum of Understanding (MoU) with HDFC Bank to facilitate an array of banking services to startups in the state through its smart solution SmartUp. SmartUp is leveraged to assist in achieving startup goals with smart financial tools, advisory services and technology.

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HDFC Bank has developed a specialized end-to-end banking solution for startups, which includes corporate salary accounts, forex advisory services, payment and collections solutions and point of sale terminals (POS) at preferred rates and nodal accounts for market places and among others.

Dr Saji Gopinath, CEO, KSUM, and Mr. Arun Mediratta, Branch Banking Head - South, HDFC Bank, signed the agreement at a function held here. As per the MoU, which has a time-frame of one year, KSUM will refer various startups to HDFC Bank to avail, inter-alia, financial and other facilities and HDFC Bank shall provide the necessary facilitation to the startups.

“This initiative will help startups get support from HDFC bank on evaluating their products, get market access and scale their product globally. We look forward to a fruitful association with them,” Dr Saji said.

Mr Arun said, “We thank KSUM for giving us an opportunity to work with them. Through this tie-up, we will not only offer a host of banking services but also offer startups access to customers of the bank through the SmartBuy platform. This is part of our ongoing effort to support the startup culture in Kerala, and it is another sign of our strong commitment to the state."

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