Following this announcement, the talks follow a broader trend that has been happening among India fintech startups, as well as venture capital firms that are seeking to forge ties with lenders in the overall South Asian market.
In addition, the financial institution is expected to continue its strategy of meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
Throughout this initiative, the Indian fintech is pursuing strategic partnerships and deals in order to accelerate its development process, as well as the overall growth of the local financial landscape. Jupiter, backed by Tiger Global and NuBank, is currently in discussions to buy a 5% to 9.9% stake in SBM India, the arm of SBM Bank from the country.
An official offer is set to be finalised, as the initiative will require approval from India’s central bank, the Reserve Bank of India (RBI), in order for further phases to be discussed and planned.
Earlier in 2024, Jupiter was granted a Prepaid Payment Instruments (PPI) licence by the Reserve Bank of India (RBI), as announced by the regulatory body. The licence enabled the financial institution to provide digital wallets to its customers, while also facilitating UPI payments. Currently, Jupiter offers digital savings bank accounts that include features such as real-time spend insights, personalised savings goals, tracking of liquid assets across several bank accounts, as well as the possibility to send and receive funds via UPI.
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