- YES FINTECH organized an India – Denmark Fintech Mission in association with NITI Aayog as part of ‘Road to GES’ series
- Mission attended by representatives from Innovation Center of Denmark (partnership between the Ministry of Foreign Affairs of Denmark and the Danish Ministry of Higher Education and Science) and Copenhagen Fintech
Mumbai, November 14, 2017: YES BANK, India’s fifth largest private sector bank, has signed a Memorandum of Understanding (MoU) with Innovation Centre Denmark India (ICDK India), a partnership between the Ministry of Foreign Affairs of Denmark and the Danish Ministry of Higher Education and Science to bring Fintech innovations and startups from Denmark to India, and facilitate entry of Indian startups to the region. The partnership aims to build bridges to promote innovation and assist fintech companies in India and Denmark to expand into each other’s markets.
Denmark, known as a design and innovation hub has been steadily gaining reputation as a fintech hub and is known to have the most evolved regulatory sandbox. YES FINTECH organized an India – Denmark Fintech Mission with ICDK India and Copenhagen Fintech. The deliberations touched upon several topics including creating a Fintech hub in India, setting up centers of excellence for future skills and the key synergies between Denmark and India.
Visiting Danish delegation led by H.E Peter Taksøe Jensen, Ambassador of Denmark to India included Asbjørn Overgaard Christiansen, Global Head ICDK, Simon Schou, Chief Innovation Officer, Copenhagen Fintech and Sujeet Samaddar, NITI Aayog. Nine Danish fintech startups and stakeholders – Calcabis, Cardlay, YourPay, Tradimo, Insurtech, COHERRA, November First, Copenhagen capacity and IT University of Denmark were also part of this delegation.
The partnership will help create an Indo-Denmark Fintech Bridge for:
- Creating market access opportunities for startups in Denmark and India
- Providing technology & infrastructure access to startups to enter respective markets
- Providing showcase opportunities for startups in Denmark and India
- Facilitating an exchange program for startups in India and Denmark to understand respective markets
- Joint collaboration in the YES FINTECH programme in India for Danish startups
- Creating centre of excellence for Artificial Intelligence and Cyber Security
Commenting on the partnership, Rana Kapoor, Managing Director & CEO,
YES BANK, said, “Denmark is ranked no 1 in the Global Innovation Index and in the past one year has established itself as a Global Fintech Hub through initiatives like Copenhagen Fintech. India has also prioritized Fintech as a Key enabler of competitive advantage and I firmly believe that this alliance will further boost the efforts to establish Mumbai as a Fintech Hub and create a borderless ecosystem for future technologies.”
H.E Peter Taksøe Jensen, Ambassador of Denmark to India said, “India’s drive to address financial inclusion, powered by its knowledge and start-up hubs that span across IT and Finance, is gathering steam. Denmark is well on its way to becoming the first cashless nation, spurred by its focus on digitization. I hope the signing of this MoU brings forth a mutually beneficial synergy that drives innovation in Fintech across both countries. I look forward to seeing many Danish start-ups engage in the YES FINTECH programme going forward.”
About YES BANK
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING INDIA’s FINEST QUALITY BIG BANK by 2020”.
About Copenhagen FinTech
Copenhagen FinTech is a non-profit organization built on the vision of creating a Danish growth adventure within fintech. Copenhagen FinTech combines the visionary ideas of fintech entrepreneurs, the experience of the established financial sector, the desire for societal benefits of the public sector and the research from the universities with the overarching purpose of building a thriving fintech ecosystem for the benefit of all stakeholders.
Copenhagen FinTech owns and runs Copenhagen Fintech Lab – the largest dedicated fintech space in Europe outside London. 2000 square meters of pure fintech in central Copenhagen. Almost 50 fintech startups are permanently residents in the Lab – and the Lab is the central meeting point for all the stakeholders of the fintech-ecosystem around Copenhagen.
About Innovation Centre Denmark
Innovation Centre Denmark is a partnership between the Ministry of Higher Education and Science and the Ministry of Foreign Affairs of Denmark. Their head office is located at the Ministry of Foreign Affairs in Copenhagen together with Denmark’s national investment promotion agency Invest in Denmark, further strengthening the ties to foreign markets and international value creation. Their Indian offices are located in New Delhi & Bangalore.
ICDK aims to promote research and innovation through their partnerships with global R/D ecosystems. As part of the Danish government, they seek to provide Danish enterprises with valuable synergies, market opportunities and knowledge partnerships, by leveraging their extensive network across universities, multinational companies, start-ups and R&D centres across the world.